The Intellectual Investor: Recent Episodes
Vitaliy Katsenelson
How would a value investor like Warren Buffett look at today's crazy markets? What stocks would he buy? And what would he say about today's much-loved or much-hated companies?
Featured in Financial Times, Fortune, Barron's, Business Insider, MarketWatch, and many others, Vitaliy Katsenelson's often contrarian articles on value investing, classical music, and life in general have already generated something of a cult following.
You can now listen to his articles (old and new) read aloud by a professional narrator. Enjoy!
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_245_-_Escaping_Stock_Market_Double_Hell_v1_2025-02-12.mp3📩 Join 94,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Escaping Stock Market Double Hell – Ep 245 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Embracing_Stock_Market_Stoicism_v1_2025-01-28.mp3📩 Join 93,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Embracing Stock Market Stoicism – Ep 244 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Thoughts_from_the_Consumer_Electronics_Show_v1_2025-01-15.mp3📩 Join 93,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Thoughts from Consumer Electronics Show – Ep 243 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Q_A_Series-_Money_Habits_for_Kids_and_the_Power_of_Writing_v1_2024-12-18.mp3📩 Join 93,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Q&A Series: Money Habits for Kids and the Power of Writing – Ep 242 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Managing_a_Million-_What_Would_I_Do_Differently__v1_2024-12-11.mp3📩 Join 92,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Managing a Million: What Would I Do Differently? – Ep 241 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Impact_of_Higher_Interest_Rates_on_the_Economy_-_AI_Edition_v1_2024-12-04.mp3📩 Join 91,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Impact of Higher Interest Rates on the Economy – AI Edition – Ep 240 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_239_-_Navigating_Market_Cycles-_From_Bulls_to_Nvidia__AI_Edition_v2_2024-12-03.mp3📩 Join 91,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Navigating Market Cycles: From Bulls to Nvidia – AI Edition – Ep 239 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/A_Balanced_Life-_My_Approach_v1_2024-11-20.mp3📩 Join 91,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post A Balanced Life: My Approach – Ep 238 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Choosing_an_Investment_Manager-_Beyond_Warren_and_Charlie_v1_2024-11-13.mp3If you were obliged to invest all your investable assets with one person and you couldn’t choose Warren or Charlie, whom would you pick?
📩 Join 90,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Choosing an Investment Manager: Beyond Warren and Charlie – Ep 237 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_236_-_Q_A_Series-_On_Parenting_and_Personal_Growth_v1_2024-11-05.mp3📩 Join 90,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Q&A Series: On Parenting and Personal Growth – Ep 236 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Challenging_Investment_Rules_and_Key_Investor_Traits_v1_2024-10-30.mp3📩 Join 89,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Challenging Investment Rules and Key Investor Traits – Ep 235 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Infinite_Game_in_Telecom_v1_2024-10-02.mp3📩 Join 89,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Infinite Game in Telecom – Ep 234 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Hidden_Risk_in_Religion_Stocks_v1_2024-09-25.mp3A basic property of religion is that the believer takes a leap of faith: to believe without expecting proof.
Read the article here: https://investor.fm/the-hidden-risk-in-religion-stocks-2/
📩 Join 89,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Hidden Risk in “Religion” Stocks – Ep 233 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Best_and_Worst_Investment_Decisions_Ive_Made_v1_2024-09-17.mp3I’m going to share stories about my best and worst investment decisions. But don’t worry, this isn’t just a brag-and-cringe session about making or losing money.
Read the article here: https://investor.fm/the-best-and-worst-investment-decisions-ive-made/
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Best and Worst Investment Decisions I’ve Made – Ep 232 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_231_-_Trumps_call_for_a_bitcoin_strategic_reserve_is_a_very_bad_idea_v1_2024-09-11.mp3At the end of July, Donald Trump went full Bitcoin. He wants the US to become a “Bitcoin superpower”; he promised to build a Bitcoin strategic reserve.
📩 Join 89,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Trump’s call for a bitcoin strategic reserve is a very bad idea – Ep 231 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_230_-_Unpacking_Buffetts_Investment_Philosophy_-_A_Personal_Perspective_v1_2024-08-29.mp3How does our investment approach stack up against Warren Buffett’s? Answering this question gives me a chance to dissect Buffett’s famous investment principles and compare them to our own strategy.
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Unpacking Buffett’s Investment Philosophy: A Personal Perspective – Ep 230 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Eclectic_Value_Investor_v2_2024-08-21.mp3How do I describe myself as an investor? This question provides an opportunity to delve into what I mean by being an “eclectic value investor with a slight touch of dogmatism.” It’s a comprehensive look at our investment philosophy and approach.
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Eclectic Value Investor – Ep 229 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_AI_Revolution_v1_2024-08-13.mp3The discussion of AI quickly falls into a domain bordering on Sci-Fi. My thoughts here are only marginally shaped by scientific facts.
If you look at technological progress over the centuries through the lens of productivity, the improvement was tiny, barely noticeable. Our ability to do the same tasks maybe improved a few basis points a year for millennia. People figured out fire, learned how to use levers, and created a wheel.
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The AI Revolution – Ep 228 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_227_The_EV_Industry_Landscape_v1_2024-08-06.mp3 📩 Join 89,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The EV Industry Landscape – Ep 227 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Understanding_Todays_Economic_Landscape_v2_2024-08-06.mp3 📩 Join 89,000+ readers on my FREE weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Understanding Today’s Economic Landscape – Ep 226 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Lessons_from_Historys_Technology_Booms_v1_2024-07-31.mp3 There’s a quote often attributed to Albert Einstein: “Insanity is doing the same thing over and over again and expecting different results.” As an investor, especially if you manage someone else’s capital, you have to be slightly insane.
During market manias, time slows down to dog years. You have to keep doing the same (rational) thing but expect a different outcome, knowing that at some point it will come.
📩 Join 89,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Lessons from History’s Technology Booms – Ep 225 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Science_Fiction_Stock_Analysis.mp3 📩 Join 89,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Science Fiction Stock Analysis – Conversations with Vitaliy – Ep 48 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Magnificent_7_and_the_Dangers_of_Market_Hype_v1_2024-07-24_1_1.mp3Despite the S&P 500 showing gains in the mid-teens, the average stock on the market is either up slightly or flat for the year. Most of the gains in the index came from the Magnificent 7 stocks, which constitute 35% of the index!
The Magnificent 7 are starting to look like the Nifty Fifty stocks from the 1970s (Kodak, Polaroid, Avon, Xerox, and others) – stocks you “had to own” or you were left behind – until all your gains were taken away or you faced a decade or two of no returns. Forty years later, it’s easy to dismiss these companies as has-beens. They’ve all either gone bankrupt or become irrelevant. But back then, they were the stars of corporate America, just like the Magnificent 7 are today.
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Magnificent 7 and the Dangers of Market Hype – Ep 224 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_47_-_What_Makes_For_a_Great_Investor_320__kbps.mp3 📩 Join 89,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post What Makes for a Great Investor? – Conversations with Vitaliy – Ep 47 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Right_Way_To_Think_320__kbps.mp3 📩 Join 88,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Right Way To Think – Conversations with Vitaliy – Ep 46 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Why_You_Should_Travel_320__kbps.mp3📩 Join 88,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Benefits of Travel- Conversations with Vitaliy – Ep 45 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Slippery_Slope_of_Student_Loan_Forgiveness_-_Edition_2024_v1_2024-06-04.mp3My daughter Hannah was just accepted to University of Denver. She might take out student loans. Why wouldn’t she?
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Slippery Slope Of Student Loan Forgiveness – Edition 2024 – Ep 223 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_43_-_3_Minute_Crash_Course_in_Failure_I_Vitaliy_Katsenelson.mp3 📩 Join 87,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Crash Course in Failure – Conversations with Vitaliy – Ep 43 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/30_Years_in_America_-_Edition_2024_v1_2024-06-04.mp3This week, I am going to share with you two essays that I wrote a few years ago. I want you to see this country through the eyes of an immigrant. If you were born here, you have only seen prosperity, making it more likely for you to take what you have for granted. We tend to not appreciate what we have until we lose it.
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post 30 Years in America – Edition 2024 – Ep 222 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_42_-_The_Right_Way_To_Think.mp3 📩 Join 87,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Right Way To Think – Conversations with Vitaliy – Ep 42 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Rediscovering_the_Essence_of_the_Berkshire_Hathaway_Annual_Meeting_v1_2024-05-24.mp3 When in the past I described my trip to the Berkshire Hathaway annual meeting to others, I often found that I contradicted myself. I said I was going to see Warren Buffett and Charlie Munger speak, and then I said that their presentation was the least important part of the trip.
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📚 Get my books:
Soul in the Game – https://amzn.to/43CF73v
The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ
Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Rediscovering the Essence of the Berkshire Hathaway Annual Meeting – Ep 221 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_41_-_What_If_You_Had_To_Do_It_All_Over_Again__I_Vitaliy_Katsenelson.mp3 📩 Join 87,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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Active Value Investing – https://amzn.to/3u8zn3A
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post What If You Had To Do It Over Again? – Conversations with Vitaliy – Ep 41 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_40_-_You_Are_Missing_This_Skill.mp3 📩 Join 86,000+ readers on my weekly email newsletter: https://investor.fm/sign-up/
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post You Are Missing This Skill – Conversations with Vitaliy – Ep 40 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_39_-_The_Real_Definition_of_Wealth.mp3 📩 Join 86,000+ readers on my weekly email newsletter: https://investor.fm/sign-up/
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post You Can’t Be Good at Investing Without Knowing This – Conversations with Vitaliy – Ep 39 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Dad__You_Are_Not_Growing_Embracing_Vulnerability_v1_2024-05-02.mp3 Read the full article here: https://investor.fm/dad-you-are-not-growing-embracing-vulnerability/
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Dad, You Are Not Growing! (Embracing Vulnerability) – Ep 220 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_38_-_Take_Control_of_Your_Life.mp3 📩 Join 86,000+ readers on my weekly email newsletter: https://investor.fm/sign-up/
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Take Control of Your Life – Conversations with Vitaliy – Ep 38 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_37_-_Stand_for_Something_in_Life.mp3 I took a stand when I spoke about Israel, here is why I did it.
Here are all my articles about Israel: https://investor.fm/?s=israel
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🐦 Twitter – https://twitter.com/vitaliyk
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Stand For Something in Life – Conversations with Vitaliy – Ep 37 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_219_-_Hedging_the_Portfolio_with_Weapons_of_Mass_Destruction.mp3 Read my full article about AI here: https://investor.fm/my-thoughts-on-ai/
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My Key Links
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Hedging The Portfolio With Weapons Of Mass Destruction – Ep 219 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_36_-_Skin_in_The_Game_vs_Soul_in_The_Game.mp3 If you want to learn more about Soul in the Game, you can a copy of my book here: https://amzn.to/43CF73v
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My Key Links
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Skin in the Game vs Soul in the Game – Conversations with Vitaliy – Ep 36 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_218_-_Cable_Stocks_v1_2024-04-16.mp3Despite weakness in cable stock prices, our thesis on Charter Communications (CHTR) and Comcast (CMCSA) has not really changed. We made a small, superficial change in the portfolio.
Read my full article about AI here: https://investor.fm/my-thoughts-on-ai/
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My Key Links
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Cable Stocks Keep Getting Punched In The Mouth – Ep 218 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_35_-_How_will_AI_change_investing_.mp3 AI is changing the way we live our life, and investing is no different. Here is how AI will change investing in my eyes.
Read my full article about AI here: https://investor.fm/my-thoughts-on-ai/
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My Key Links
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post How will AI Change Investing? – Conversations with Vitaliy – Ep 35 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/No_Shortcuts_to_Greatness_-_The_Path_to_Successful_Investing_v2_2024-04-11.mp3One of my principles in life is to have a net positive impact on the people I touch. If every single stock I discussed only went straight up, I wouldn’t have to worry about it. But this is not how life works.
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🐦 Twitter – https://twitter.com/vitaliyk
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post No Shortcuts To Greatness: The Path To Successful Investing – Ep 217 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_34_-_Construct_the_Optimal_Portfolio.mp3A reader of mine recently asked me how I would construct the optimal portfolio. Here is how I would do it.
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🐦 Twitter – https://twitter.com/vitaliyk
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Construct the Optimal Portfolio – Conversations with Vitaliy – Ep 34 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_216_-_Investing_in_a_New_Era_of_Global_Tensions_v1_2024-03-27.mp3 You don’t have to worry about the market and its crazy valuations. That’s your neighbor’s problem, not yours. In building your portfolio, we are aiming for resilience.
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My Key Links
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Investing In A New Era Of Global Tensions – Ep 216 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/4_Mental_Models_To_Change_Your_Thinking.mp3Here are 4 Mental Models That Will Change Your Life:
- 𝗜𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 (𝗜𝗻𝘀𝗽𝗶𝗿𝗲𝗱 𝗯𝘆 𝗖𝗵𝗮𝗿𝗹𝗶𝗲 𝗠𝘂𝗻𝗴𝗲𝗿)
- 𝗗𝗶𝗰𝗵𝗼𝘁𝗼𝗺𝘆 𝗼𝗳 𝗖𝗼𝗻𝘁𝗿𝗼𝗹
- 𝗗𝗮𝘃𝗶𝗱 𝘃𝘀. 𝗚𝗼𝗹𝗶𝗮𝘁𝗵
- 𝗙𝗶𝗿𝘀𝘁 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 𝗧𝗵𝗶𝗻𝗸𝗶𝗻𝗴 (𝗟𝗲𝗮𝗿𝗻𝗲𝗱 𝗳𝗿𝗼𝗺 𝗘𝗹𝗼𝗻 𝗠𝘂𝘀𝗸)
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My Key Links
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post 4 Mental Models To Change Your Thinking – Conversations with Vitaliy – Ep 33 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Why_the_Survival_and_Dominance_of_Car_Manufacturers_is_Far_from_Certain_v1_2024-03-17.mp3Today EV sales account for a tiny rounding error of total global car sales. Can traditional automobile companies successfully transition to making EVs?
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Active Value Investing – https://amzn.to/3u8zn3A
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Why the Survival and Dominance of Car Manufacturers is Far from Certain – Ep 215 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_32_-_Will_Your_Kids_Remember_You_.mp3 📩 Join 86,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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My Key Links
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Will Your Kids Remember You? – Conversations with Vitaliy – Ep 32 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_214_-_Expanding_Perspectives_Through_Travel_-_From_Spain_to_the_UK_v1_2024-03-17.mp3My brother Alex, my son Jonah, and I went to a conference in Switzerland. We saw this as an opportunity to turn the bookends of the trip into a small European vacation.
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MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Expanding Perspectives Through Travel – From Spain to the UK – Ep 214 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_31_-_This_Advice_Will_Rewire_Your_Brain.mp3 📩 Join 86,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post This Advice Will Rewire Your Brain – Conversations with Vitaliy – Ep 31 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_30_-_The_Real_Definition_of_Wealth.mp3.crdownload.mp3 📩 Join 85,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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My Key Links
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Real Definition of Wealth – Conversations with Vitaliy – Ep 30 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_29_-_Stoic_Tools_to_Become_a_Great_Investor.mp3 Use these stoic tools to become a great investor.
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My Key Links
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Stoic Tools to Become a Great Investor – Conversations with Vitaliy – Ep 29 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_28_-_How_To_Invest_Your_First_100_in_Under_2_Minutes.mp3 📩 Join 85,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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MY KEY LINKS
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post How To Invest Your First $100 in Under 2 Minutes – Conversations with Vitaliy – Ep 28 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_27_-_The_Power_of_Constraints.mp3Our society looks at abundance only from a positive perspective; however, it also has a very dark side. If scarcity is a disease that inflicts people in socialist countries, overabundance is a sickness prevalent in capitalist ones.
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Active Value Investing – https://amzn.to/3u8zn3A
MY KEY LINKS
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🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Power of Constraints – Conversations with Vitaliy – Ep 27 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/01_Part_3_and_Part_4.mp3Today, you will listen to parts 3&4 of my Israel essay.
🚨 If you prefer to read the full essay, here it is: https://investor.fm/antisemitism-and-wokeness-threaten-the-future-of-israel-and-america/
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Antisemitism and Wokeness Threaten the Future of Israel and America – Part 3 & 4 – Ep 213 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/01_Part_1_and_Part_2.mp3Today, you will listen to parts 1&2 of my Israel essay. Tomorrow you will hear parts 3&4.
🚨 If you prefer to read the full essay, here it is: https://investor.fm/antisemitism-and-wokeness-threaten-the-future-of-israel-and-america/
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Antisemitism and Wokeness Threaten the Future of Israel and America – Part 1 & 2 – Ep 212 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_26_-_10_Lessons_in_Investing_Mastery.mp3 📩 Join 84,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post 10 Lessons in Investing Mastery – Conversations with Vitaliy – Ep 26 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_25_-_Are_You_In_Control_.mp3 This is the concept that got me into stoicism. Dichotomy of Control.
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Are You In Control? – Conversations with Vitaliy – Ep 25 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Rise_and_Fall_of_Russia.mp3 📩 Join 82,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The Rise and Fall of Russia – Conversations with Vitaliy – Ep 24 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Never_Run_Out_of_Ideas.mp3 📩 Join 82,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Never Run Out of Ideas – Conversations with Vitaliy – Ep 23 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Vitaliy__CFA_Richmond_With_Intro_Music_Mp3.mp3 This is my fireside chat with the CFA Society in Richmond, Virginia. We discussed the power of writing, stoicism in investing, and becoming the best investor you can be.
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post CFA Richmond Fireside Chat with Vitaliy Katsenelson – Ep 211 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_5_Value_Investing_Mistakes_to_Avoid_mp3.mp3 Here are the 5 value investing mistakes to avoid.
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The 5 Value Investing Mistakes to Avoid – Conversations with Vitaliy – Ep 22 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Charlie_Mungers_Rules_For_a_Good_Life.mp3 📩 Join 82,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Charlie Munger’s Rules For a Good Life – Conversations with Vitaliy – Ep 21 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Learn_Adapt_Conquer.mp3 📩 Join 81,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Learn, Adapt, Conquer – Conversations with Vitaliy – Ep 20 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Think_Like_a_Writer.mp3 📩 Join 81,000+ readers on my weekly email newsletter: https://investor.fm/signup-for-articles/
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Think Like a Writer – Conversations with Vitaliy – Ep 19 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/This_is_What_Warren_Buffett_Got_Wrong.mp3 I respect Warren Buffett, but here is the one thing he got wrong.
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post This is What Warren Buffett Got Wrong – Conversations with Vitaliy – Ep 18 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/210_Broadening_the_aperture_of_how_you_look_at_life_v1_2023-12-08.mp3The interview took place in April 2023 at Temple Sinai here in Denver. The discussion focused on my book Soul in the Game: The Art of a Meaningful Life. The living characters of the book are from my family, so having them in the audience was a bit surreal.
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Broadening the aperture of how you look at life – Ep 210 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_Writing_Advice_You_Desperately_Need.mp3Looking to start writing? Here is the advice you need to get started.
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post The Writing Advice You Desperately Need – Conversations with Vitaliy – Ep 17 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/209_My_thoughts_on_AI_v1_2023-11-30.mp3Innovation disrupts, but it also creates new jobs and improves the standard of living of society. AI will displace many jobs, but it will also empower people with new productivity tools.
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post My thoughts on AI – Ep 209 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Lessons_For_My_Kids.mp3What lessons do you want to leave behind for your kids?
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post Lessons for My Kids – Conversations with Vitaliy – Ep 16 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_208_-_Dont_Let_History_Repeat_Itself_Podcast.mp3I know young adults who have gone to Israel to fight to protect it from evil. I have friends who have put their lives on hold and gone to Israel to volunteer to help that country in any way they can. My pen is my gift. This is how I can make a difference. If I don’t stand up now, then when? When my family is sent to the gas chambers?
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Don’t Let History Repeat Itself – Ep 208 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_207_-_Israel_is_Not_Hamas_Final_Solution.mp3I usually look forward to waking up every morning. My family is still asleep. I make a cup of coffee, put on my headphones, and write. But I wasn’t looking forward to mornings over the last week while I was working on this and tomorrow’s essays. It took me to a dark place where I did not want to go.
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WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Israel is Not Hamas’ Final Solution – Ep 207 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/How_to_Teach_Kids_to_Read.mp3Without a doubt, this is one of the most difficult things to do in a world dominated by technology. I hope my advice helps in some way.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post How To Teach Your Kids To Read – Conversations with Vitaliy – Ep 15 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Why_You_Should_Walk_Every_Single_Day.mp3In this short video, I explain how walking can change your life.
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🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post Why You Should Walk Everyday – Conversations with Vitaliy – Ep 14 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/How_Stoicism_Can_Change_Your_Thinking.mp3How stoic philosophy changed the way I think about life.
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📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post How Stoicism Can Change Your Thinking – Conversations with Vitaliy – Ep 13 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/206_What_happens_in_China_may_not_stay_in_China_v1_2023-11-09.mp3To understand what will happen in China and its impact on the global economy, we simply need to invert what happened over the last two decades.
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Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post What happens in China may not stay in China – Ep 206 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/The_5_Investing_Books_Everyone_Should_Read.mp3There are 5 investing books that I think everyone should read.
The Essays of Warren Buffett – Lawrence Cunningham
Fooled by Randomness – Nassim Nicholas Taleb
Antifragile – Nassim Nicholas Taleb
The Little Book of Behavioral Investing – James Montier
The Little Book That Builds Wealth – Pat Dorsey
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post The 5 Investing Books Everyone Should Read – Conversations with Vitaliy – Ep 12 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_205_-_Our_investments_in_oil_and_natural_gas_stocks_v1_2023-11-01.mp3I am about to discuss a topic that, for reasons that are unclear to me, has been politicized: oil and gas. I am writing this as a pragmatic analyst who looks at two factors: supply and demand. After all, I am not hired by you (IMA clients) to come up with environmental policy but to grow your wealth.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) in 2012. Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy.
The post Our investments in oil and natural gas stocks – Ep 205 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_11_-_What_You_Should_Look_For_When_Hiring_Someone.mp3Here is what you should look for when hiring someone.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post What You Should Look For When Hiring Someone – Conversations with Vitaliy – Ep 11 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/My_thoughts_on_the_economy_v2_2023-10-17.mp3I just finished a fifteen-page seasonal letter to IMA clients. It discusses the economy and the positioning of our stock portfolio, as well as China, fossil fuels, AI, and unions. I will share excerpts from it over the next few weeks, starting today with a section that discusses our thoughts on the economy.
Though the official purpose of writing this was to get you close to my thinking about the economy and the stock market, to be honest, I have very little new to say. I suggest you reread my succinct letter from March 2023.
I have written this more selfishly to crystallize my thinking. This way, you and I will figure out what I think together. Thus, the following reads more like a listicle rather than an essay where all thoughts must flow from one to another.
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🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post My Thoughts on the Economy – Ep 204 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_10_-_Never_Look_At_Money_The_Same_Way.mp3When my wife and I got married, my friend Mark took us out to a lunch that forever changed my relationship with money.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post Never Look at Money the Same Way – Conversations with Vitaliy – Ep 10 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Unions_-_From_Stimulant_for_the_Economy_to_Cancer_v2_2023-10-18.mp3An update on the situation in Israel and my thoughts on unions.
Show notes:
- Listen to Alex (Ethan and Jacob’s father) interviewed by my friend Ross Kaminsky.
- Contribute here to save a life.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post Unions: From Stimulant for the Economy to Cancer – Ep 203 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_9_-_What_You_Overlook_In_Investing.mp3In this episode, I highlight some of the most overlooked factors in investing. I discuss the importance of understanding financials and looking deeper into company culture and management. I provide examples of CEO excesses, like the case of GE CEO Jeff Immelt, and interesting examples, like the case of Amazon CEO Jeff Bezos.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post What You Overlook In Investing – Conversations with Vitaliy – Ep 9 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_8_-_The_5_Books_You_Should_Read.mp3Reading is something I find extremely rewarding, so it is a pleasure to share five book recommendations and one bonus book with you.
Book Recommendations:
Shantaram by Gregory David Roberts https://amzn.to/44qKqCe
How To Think Like A Roman Emperor by Donald Robertson https://amzn.to/3NEKlEd
Atomic Habits by James Clear https://amzn.to/3NGeVgE
Mindfulness by Ellen J.Langer https://amzn.to/3NKGghS
Lessons from the Titans by Scott Davis, Carter Copeland, and Rob Wertheimer https://amzn.to/3rknwhF
Alchemy by Rory Sutherland https://amzn.to/3D1bAUw
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post The 5 Books You Should Read – Conversations with Vitaliy – Ep 8 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_7_-_Should_You_Worry_About_The_Next_Recession_Audio_Export.mp3Worried about the next recession? Don’t panic and listen to this.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post Should You Worry About The Next Recession? – Conversations with Vitaliy – Ep 7 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_6_-_Stop_Gambling_and_Start_Investing.mp3Too often, people try to gamble rather than invest. Here is what I think the difference is between the two.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post Stop Gambling and Start Investing – Conversations with Vitaliy – Ep 6 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_202_-_My_Father__A_Life_Worth_Living_2023-09-06.mp3My father, Naum Katsenelson, passed away on August 10, 2023. Here is my ode to him.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post My Father – A Life Worth Living – Ep 202 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_5_-_My_Letter_To_Young_Investors.mp3If you are a young investor or interested in investing, I think you can benefit from my advice in this video.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 LinkedIn- https://www.linkedin.com/in/katsenelson/
🎥 Youtube – https://www.youtube.com/@vitaliyk
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post My Letter To Young Investors – Conversations with Vitaliy – Ep 5 appeared first on The Intellectual Investor.
In this video I break down the keys to becoming a great investor. 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast, The Intellectual Investor. 📚 GET MY BOOKS Soul in the Game - The Little Book of...
The post How You Can Be a Great Investor – Conversations with Vitaliy – Ep 4 appeared first on The Intellectual Investor.
https://traffic.libsyn.com/secure/intellectualinvestor/Ep_3_-_Advice_Every_Young_Person_Needs_To_Hear.mp3Very often, people come to me asking for advice. Here is the advice I have to offer young people today.
📩 Sign up for my free weekly email newsletter https://vitaliy.substack.com/
🎙 Check out my weekly podcast, The Intellectual Investor. https://investor.fm/
📚 GET MY BOOKS
Soul in the Game – https://tinyurl.com/yzh486ep
The Little Book of Sideways Markets – https://tinyurl.com/4sdbr5f2
Active Value Investing – https://tinyurl.com/ywfczy8u
MY KEY LINKS
🌍 My website/blog – https://investor.fm/
🔗 Business Website – https://imausa.com/
🐦 Twitter – https://twitter.com/vitaliyk
📸 Instagram – https://www.instagram.com/vitaliyk/
WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him “The New Benjamin Graham.” He’s written for publications including Financial Times, Barron’s, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The post Advice Every Young Person Needs To Hear – Conversations with Vitaliy – Ep 3 appeared first on The Intellectual Investor.
Many people out there are afraid to start writing. Take a page from my book and stop fearing; get to work. 📩 Sign up for my free weekly email newsletter 🎙 Check out my weekly podcast, The Intellectual Investor. 📚 GET MY BOOKS Soul...
The post My Writing Journey – Conversations with Vitaliy – Ep 2 appeared first on The Intellectual Investor.
Apple is the best storytelling company on the planet. This was the thought that ran through my mind as I watched Apple present its new products at the WWDC conference. When it introduces a product, Apple doesn't just spend the time telling you what it...
The post The Power of Telling Stories – Conversations with Vitaliy – Ep 1 appeared first on The Intellectual Investor.
My father and I started taking my son Jonah to Santa Fe in 2003, and this was when I first wrote about it. I have been writing, rewriting, and adding to this essay for the past ten years. I repolished it and included it in Soul in the Game. This...
The post Life is a Walk – Santa Fe – Ep 201 appeared first on The Intellectual Investor.
In today’s letter, I want to address a question that I get asked at times: How do I get any research done since I travel a lot? And then I’ll explain the reasons for two next trips. 📩 Sign up for my free weekly email newsletter 🎙...
The post How do I get any research done since I travel a lot? – Ep 200 appeared first on The Intellectual Investor.
Many times, we bought because they were in their “junior year”; this is what made them undervalued. Our research led us to the conclusion that their difficulties were transitory and that as they matured the market would revalue them. 📩 Sign...
The post The Growing Pains of Maturity – Ep 199 appeared first on The Intellectual Investor.
Over the next two weeks, I will share with you a few excerpts from my 25-page summer letter to IMA clients. Next week, I will be comparing my children to stocks and divulging my latest thoughts on Uber and Qualcomm. My purpose in sharing...
The post What is the Value of Apple? How do we evaluate risk? – Ep 198 appeared first on The Intellectual Investor.
Excerpt from my Summer Client letter 2023. Every Friday night when my family sits down for dinner, I look at my kids and remind myself how lucky I am. My older kids, 17-year-old Hannah and 22-year-old Jonah, are turning into incredible young adults with many qualities I want to emulate. They are becoming my role ... Read more
The post The Maturing Process appeared first on The Intellectual Investor.
Over the last two decades, I have given talks on investing, mainly focused on my books, to CFA Societies around the world, from South Africa to New Zealand to Sofia, Bulgaria, and India in January of this year (you can watch that talk ). As a...
The post Russia – History Repeats Itself – Ep 197 appeared first on The Intellectual Investor.
While I was watching Apple’s presentation, Meta’s Quest Pro (which I own for research purposes) suddenly started to remind me of Microsoft PCs – made by engineers for engineers, where the Vision Pro is created by humans for humans. 📩...
Vitaliy sits down with his friend and fellow music lover Devin Patrick Hughes, the conductor of the Boulder Symphony in Colorado.
I sat down with Jim O'Shaughnessy, author of the classic investment book What Works on Wall Street and host of the the Infinite Loops
Vitaliy speaks with The Investors Podcast Network in this wide ranging and fun interview.
This interview with Buck Joffrey of the Wealth Formula Podcast has something for everyone. In it, Vitaliy discusses a wide variety of topics.
Imagine withdrawing a job offer two days after it was made. This is exactly what we did.
IMA is hiring for an Operations Associate position, and after a lengthy hiring process, we offered the position to Sam (not his real name). However, two days later, we had to withdraw the offer. This is not our usual behavior, so I wanted to write an explanation to Sam.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Apple is the best storytelling company on the planet. This was the thought that ran through my mind as I watched Apple present its new products at the WWDC conference.
When it introduces a product, Apple doesn't just spend the time telling you what it will do for you; it directs as much effort to telling a very detailed story about how it made the product.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Good thoughts bring you happiness; bad thoughts poison you with anxiety and pain.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
I’ve been asked by many readers and some clients for my thoughts on the economy and recession.
As I am typing this, I’m thinking about how much ink I should be spilling on writing about the recession and how much time we, as investors, should be allocating to thinking and worrying about it.
Firstly, our ability to predict it is very limited – the economy is a complex system and thus incredibly difficult to forecast. Don't believe me? The Federal Reserve employs a few hundred PhDs who stare at economic data 24/7 and they have yet to get it right, even once.
Secondly, recessions are not a death sentence to the economy but a natural, transitory phase.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
I don't know when I graduated to giving job-seeking advice. However, I know that my scribbles are read by a lot of students and their parents, so I thought I would share this with you.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
I've attended the Berkshire Hathaway Annual Shareholders meeting for over a decade. Here is what I learned in 2023.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Many investors, including our clients, have been worried about their Schawb account safety. Are they right to be worried?
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
I have vague first memories of playing chess with my grandfather when my family visited my father’s parents in Moscow. I was five years old. As I look back, chess gently came in and out of my life in the years since. Though I always admired chess players, I never took the game too seriously, never studied or took lessons.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
The fourteen-year-old Jonah could not sit through the annual meeting; he was preoccupied with anything and everything but Buffett’s and Munger’s wisdom. After coming with me to Omaha eight years ago, Jonah never asked to go back, until last year. He came to the meeting and loved it. He actually sat through almost all of the main event. He is coming with me again this year.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Bailouts of the banking system create social tension. Eventually, bailouts introduce so much risk into the system that failures and bailouts become too costly for the society to bear, government creates draconian rules trying to prevent them in future, which in turn kills innovation and the formation of new businesses, and the result is a stagnating economy.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Silicon Valley Bank (SVB) may be an extreme example, but it gave us a preview at a 100x magnification of what many banks are facing today. SVB is also a sad demonstration of how volatile deposits are. SVB was awash with deposits from its customers, mainly startups, raising money in the venture capital boom.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
This is part one of the winter seasonal letter I wrote to IMA clients, sharing my thoughts about the economy and the market. I tried something I’ve never done before. Instead of conveying my message through storytelling, I tried to compress my thoughts into short sentences. I summarized some 50,000 words into about 1,000.
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WHO AM I: Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in 1991. After joining Denver-based value investment firm IMA in 1997, Vitaliy became Chief Investment Officer in 2007 and CEO in 2012. Vitaliy has written two books on investing and is an award-winning writer. Known for his uncommon common sense, Forbes Magazine called him "The New Benjamin Graham." He's written for publications including Financial Times, Barron's, Institutional Investor, and Foreign Policy. Vitaliy lives in Denver with his wife and three kids, where he loves to read, listen to classical music, play chess, and write about life, investing, and music. Soul in the Game is his third book and first non-investing book.
Please read the following important disclosure: https://contrarianedge.com/disclosure/
I recently traveled to a Swiss investment conference. The beauty, safety and serenity of Switzerland all come with embedded costs which I uncover in discussing the contrasts of India vs Switzerland, and seeing a country as a visitor vs a resident.
You can read this article online here: https://contrarianedge.com/hidden-costs-of-living-in-switzerland/
The Real Country of Contrasts: Our Unforgettable Trip to India article link: https://contrarianedge.com/the-real-country-of-contrasts-our-unforgettable-trip-to-india/
The words we use matter more than we think. While we have a tendency to use words that can inflame a situation, make it worse or more extreme, by deliberately choosing our words, we can craft our perception of things, people, and events. I explain how.
You can read this article online here: https://soulinthegame.net/false-sophistication-of-sophists/
This is a free chapter from Soul in the Game: https://soulinthegame.net/
In the hopes of gaining and keeping perspective on what truly matters over the Holidays, Vitaliy draws an excerpt from Seneca on treating our most precious commodity, time, with the respect it deserves.
You can read this article online here: https://soulinthegame.net/each-day-is-a-separate-life/
This is a free chapter from Soul in the Game: https://soulinthegame.net/
Vitaliy and his daughter Hannah visited India for a CFA society event.
The journey opened their eyes to the contrasts between the West and the sub-continent both in culture and India's potential investment merits.
You can read this article online here: https://contrarianedge.com/the-real-country-of-contrasts-our-unforgettable-trip-to-india/
Soul in the Game link: https://soulinthegame.net/
See More Clearly With These Two Mental Models article link here: https://contrarianedge.com/see-more-clearly-with-these-two-mental-models/
Vitaliy gives an update on IMA's investment in cable company Charter. After being punched in the face by a declining stock price, Vitaliy and his team did an extensive amount of additional research on the business and industry.
He believes IMA's initial research was correct and will be proven out in time. Here's why.
You can read this article online here: https://contrarianedge.com/why-were-confident-in-our-charter-investment/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Vitaliy outlines how the conditions are ripe for a sideways market, something he knows about, having written two books on the subject.
He shares how to invest in sideways markets, and what to expect overall.
You can read this article online here: https://contrarianedge.com/stock-market-roller-coaster-prepare-for-a-decade-or-two-of-disappointing-returns/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Vitaliy is embarrassed to admit that he has at times felt Schadenfreude, "shameful joy", upon seeing growth stocks decline.
But his stoicism and decency quickly kicked in, and he banished this destructive feeling. Here's how.
You can read this article online here: https://contrarianedge.com/why-were-not-celebrating-the-vindication-of-our-investing-principles/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Vitaliy highlights the collapse of FTX, and how this amalgamation of greed, leverage, and naive hope has proven the Crypto Tulip market to be worthless.
You can read this article online here: https://contrarianedge.com/how-greed-and-leverage-destroyed-the-crypto-tulip-market/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Vitaliy updates listeners about his upcoming trip to India with his daughter Hannah. He is thrilled to speaking at the CFA Society of Mumbai, and he'll then take a tour of few parts of that special country.
Next, Vitaliy updates the music that has influenced him most throughout his life, including what he listened to in 2022.
Enjoy!
You can read and listen to the music of this article online here: https://myfavoriteclassical.com/music-throughout-my-life-2023-edition/
Think of everything you do in a day. Wake up, take your kids to school, drive to work, eat with your family, enjoy a stroll with your spouse, watch a movie, read a book. At some point, you will do each of those things for the last time.
In the second installment of his Holiday Series, Vitaliy explains how keeping the "last time" in mind helps us stay grounded and focused on the things that really matter.
You can read this excerpt online here: https://soulinthegame.net/last-time/
This is a free chapter from Soul in the Game: https://soulinthegame.net/
In the first installment of Vitaliy's Holiday Series, he dives into Stoic philosophy. Or more specifically, Stoic philosophERs.
He points out that even more important than knowing what they said and taught is internalizing it: putting the lessons into practice.
Join Vitaliy at the outset of his tour of these powerful frameworks.
You can read this excerpt online here: https://soulinthegame.net/knowing-and-doing/ This is a free chapter from Soul in the Game: https://soulinthegame.net/
Recessions, though unpleasant, are ultimately good for the economy. Like a forest fire, they clear out the dead wood and make way for new, healthy growth. But the boom of the last decade accumulated a great deal of kindling, and the coming recession might be deeper and longer than prior ones. Vitaliy shares why.
You can read this article online here: https://contrarianedge.com/why-non-transitory-recession-is-coming-and-how-to-face-it-as-an-investor/ Please read the following important disclosure: https://contrarianedge.com/disclosure/
Everyone has seen home prices take off since the pandemic began. As work from home became a reality for many, Americans decided to live where they want. But now that the Fed has decided to hike rates, we have a combination of high prices AND high rates. Something has to give, and it will likely be worse than most expect. Vitaliy explains why.
You can read this article online here: https://contrarianedge.com/are-housing-prices-about-to-drop-a-value-investors-take/
Vitaliy shares a collection of random thoughts on the Russian invasion of Ukraine. While they don't add up to a coherent podcast with a beginning, middle, and end, they do point to an overall pattern: the war is not going well for Putin. Vitaliy shares his reasoning why.
Vitaliy's Article Almanac 2021: https://contrarianedge.com/vitaliys-article-almanac/
War in Ukraine article links: https://contrarianedge.com/tag/war-in-ukraine/
You can read this article online here: https://contrarianedge.com/random-thoughts-on-the-russian-war-in-ukraine-hint-its-not-going-well-for-russia/
Contrarian investing is inherently arrogant. You have the audacity to believe that hundreds or thousands of investors are wrong when you buy or sell a stock.
How can you go against the crowd without it going to your head? Vitaliy explores the psychology of disagreeing with the majority while maintaining humility.
You can read this article online here: https://contrarianedge.com/why-value-investing-requires-thoughtful-arrogance/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
It has been a while since Vitaliy updated listeners on his Uber investment, but a lot has changed. With the pandemic now behind us, we begin to get a better sense of what the business looks like going forward. And the future looks bright.
Our analysis of Uber link: https://contrarianedge.com/our-analysis-of-uber-updated/
You can read this article online here: https://contrarianedge.com/why-we-bought-more-uber-shares-as-the-stock-fell/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
When the President decided to forgive $10,000 of student debt for everyone anyone earning below $125,000, he opened a very slippery slope of government bailouts.
If we continue to borrow from the future, we run the serious risk of becoming a society totally devoid of personal responsibility.
Worse still, we end up taxing future generations to pay for our indulgences, and may destroy the Dollar as a currency along the way.
You can read this article online here: https://contrarianedge.com/a-value-investors-analysis-of-student-loan-forgiveness/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
Vitaliy responds to a letter from a concerned client about recent (3 month) underperformance versus the index.
To do this, he zooms out to answer the question, What are we really trying to do? What has to be in place for IMA to achieve its investing goals? What do we need from clients in order to succeed?
You can read this article online here: https://contrarianedge.com/ima-is-not-for-everyone-im-fine-with-that/
Please read the following important disclosure: https://contrarianedge.com/disclosure/
In this interview with Paul Ollinger of the Crazy Money Podcast, Vitaliy and Paul cover a variety of topics touched on in Vitaliy's new book Soul in the Game.
From growing up in Russia and emigrating to America, to the ways in which more money won't make you happier, to lessons from the lives of classical composers, and Vitaliy's recent thoughts on Russia's invasion of Ukraine, this insightful conversation covers a lot of ground.
Enjoy!
You can listen to the original interview here: https://www.paulollinger.com/podcast/soul-in-the-game-with-vitaliy-katsenelson-ep-146
Vitaliy recently completed his European trip for 2022, and this podcast recounts the tale.
Visiting with his daughter Hannah for the first time, Vitaliy shares details of a delightful trip, with a special guest star that endorsed Soul in the Game.
You can read this article online here: https://contrarianedge.com/the-trip-to-europe-that-wasnt-about-europe/
In this special episode from the Stacking Benjamins Podcast, Vitaliy explores his youth in Murmansk, how he was influenced by his mother and father growing up, the role of pain in creativity, and the tenets of Soul in the Game.
Enjoy!
You can listen to the original interview here: https://www.stackingbenjamins.com/vitaliy-katsenelson-1214/
During a recent trip to NYC, Vitaliy got the opportunity to practice his favorite Stoic principles.
While he had plans to see his favorite opera with his family, the universe conspired to make different plans.
You can read this article online here: https://contrarianedge.com/sitting-on-the-tarmac-in-the-land-of-stoicism/
In this podcast with Dan Ferris at Stansberry Investor Hour, Vitaliy and Dan have an informative conversation about his new book, Soul in the Game, how the pandemic impacted the macro economy, how to create a mental model to deal with inflation, Vitaliy's writing process, and the difference between an art and a craft.
Enjoy!
You can listen to the original interview here: https://investorhour.com/episodes/from-buffett-to-beethoven-forging-your-own-path
In the recent COVID-fueled soaring market, one fund became the canonical example of investor hyper-enthusiasm: ARK. But investors have seen this movie before.
Just like the boom fueled by Y2K worries at the turn of the century, many stocks impacted by pulled forward demand will see a painful unwinding.
You can read this article online here: https://contrarianedge.com/arkk-stocks-sunk/
Please read the following important disclosure: https://contrarianedge.com/diclosure/
Vitaliy sits down with Jim O'Shaughnessy, author of the classic investment book What Works on Wall Street and host of the Infinite Loops Podcast.
Vitaliy and Jim seem to share a brain, and they discuss Vitaliy's youth in Soviet Russia, how creativity connects the conscious and unconscious mind, the power of reframing and developing a thick skin, and the joys of classical music.
Enjoy this wide ranging and fun conversation between two students of life!
You can listen to the original interview here: https://www.infiniteloopspodcast.com/vitaliy-katsenelsonsoul-in-the-game-ep121/ or watch it here: https://www.youtube.com/watch?v=414-Sv2eVps&t=3068s.
Vitaliy writes his most honest and grim take on the Ukraine war yet. Whereas before there was a veil of pretense about what Putin's war in Ukraine was about (NATO, "denazification"), that pretense is now gone.
Vitaliy shares why this is a war of conquest, and raises the alarm bell for the rest of Europe.
Four-part series on the war in Ukraine link: https://contrarianedge.com/tag/war-in-ukraine/
War in Ukraine: Part 4 – Are There Neo-Nazis in Ukraine? article link: https://contrarianedge.com/war-in-ukraine-part-4-are-there-neo-nazis-in-ukraine/
You can read this article online here: https://contrarianedge.com/putin-the-mask-is-off-europe-is-next/
This special episode features Vitaliy's conversation with Bill Brewster on The Business Brew Podcast.
They have a wide-ranging conversation that includes Tesla, tribalism in investing, inflation, how Vitaliy uses macro, the Dotcom 2.0 crash, and more.
Enjoy!
You can listen to the original interview here: https://anchor.fm/william-brewster1/episodes/Vitaliy-Katsenelson---Soul-In-The-Game-e1km1m3
Please read the following important disclosure here.
Vitaliy was so inspired by the questions from his Millennial Investing Interview, he decided to sit down and elaborate on them.
In this podcast, Vitaliy shares how COVID has changed value investing, what makes a company great, and the impact of China decoupling on inflation.
Enjoy!
Millennial Investors podcast interview: https://www.theinvestorspodcast.com/millennial-investing/discovering-value-investments/
Why Do I Write a 27-page Letter To Clients article link: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/
You can read this article online here: https://contrarianedge.com/covid-inflation-and-value-investing-millennial-investing-interview/
Please read the following important disclosure: https://contrarianedge.com/diclosure/
In this Special Episode, Vitaliy speaks with Demetri Kofinas, the host of Hidden Forces, a podcast that gives its listeners an edge by teaching them how to think critically about the systems of power structuring our world.
In it, Vitaliy speaks about his upbringing in Russia, the importance of being a multidisciplinary generalist in the future, learning how to learn, and his love of writing.
You can listen to the original interview here: https://hiddenforces.io/podcasts/vitaliy-katsenelson-value-investing-soul-in-the-game/
Some investors think the fewer positions you own, the cooler you are. Vitaliy recalls meeting investors at a conference years ago that had less than 8 stocks in their portfolios. Unfortunately, the financial crisis put them out of business.
In this podcast, Vitaliy explores the tricky subject of position sizing, and how IMA uses first principles to build a resilient collection of businesses.
You can read this article online here: https://contrarianedge.com/position-sizing-how-to-construct-portfolios-that-protect-you/
In this podcast with Elliott and John from This Week in Intelligent Investing, Vitaliy outlines what he calls the Stoic Operating System, how he was able to connect with classical composers in their struggle for creativity, the power of the subconscious mind, and how he handled a painful period of investment underperformance.
Enjoy!
You can listen to the original interview here: https://twiii.podbean.com/e/special-vitaliy-katsenelson-on-the-stoic-operating-system-painful-experiences-in-investing/
Vitaliy dives deep into how Stoicism helps him on a day to day basis, discusses some Stoic heroes, and the link between mindfulness and Stoicism.
Enjoy!
You can read this article online here: https://contrarianedge.com/how-stoicism-can-help-you-have-soul-in-the-game/
Vitaliy speaks with The Investors Podcast in this wide ranging and fun interview. Trey (the host) asks Vitaliy to compare 2022 to 2000, where he thinks inflation will show up next, what companies to own in inflation, whether beaten down tech names are investable now, how to build good habits, and the power of Stoic philosophy.
Enjoy!
You can watch the original interview here: https://www.youtube.com/watch?v=LFvbjxeIQG4
Please read the following important disclosure: https://contrarianedge.com/diclosure/
The death of cable has been greatly exaggerated. While competitive threats abound, Vitaliy believes that cable, and the broadband internet it provides, will remain resilient to competition in the coming years. Listen as he explains why, and why Charter Communications stock is a great way to invest in this trend.
You can read this article online here: https://contrarianedge.com/charter-communications-chtr-stock-heads-we-win-tails-we-dont-lose/
Please read the following important disclosure: https://contrarianedge.com/diclosure/
Vitaliy's newest book, Soul in the Game, is now live and available for purchase. It has nothing to do with investing, but has everything to do with something far more important: living a meaningful life.
This podcast contains the first chapter, where Vitaliy introduces you to the book, its main themes, and provides some guidance on how to get the most out of it. Enjoy!
You can read it online here: https://contrarianedge.com/inspiring-stories-hard-won-life-lessons-introducing-my-new-book/
You can order Soul in the Game book here: https://soulinthegame.net/
This podcast with Buck Joffrey of the Wealth Formula Podcast has something for everyone. In it, Vitaliy discusses a wide variety of topics. He touches on how the Fiddler on the Roof was really a value investor, the dangers of relative valuation tools in today's market, stoicism, and the war in Ukraine and its inflationary impacts. Enjoy!
You can watch the interview here: https://www.youtube.com/watch?v=2BZeSeE5b1E&t=29s
Please read the following important disclosure: https://contrarianedge.com/diclosure/
Stagflation - low or negative economic growth caused by inflation - has likely come to America. While stagflation is far from good, and could cause a recession, there could be even bigger risks on the horizon. Fortunately, IMA portfolios are well positioned. Here's how.
You can read this article and part 1 in this link: https://contrarianedge.com/why-is-inflation-so-high-right-now-6-reasons/
Please read the following important disclosure: https://contrarianedge.com/diclosure/
You may have noticed that prices everywhere are rising. The question is: why? Vitaliy spells out the main causes of inflation, and how they compound to curtail economic growth.
I Kid You Not Crazy article link: https://contrarianedge.com/i-kid-you-not-crazy/
Why Green Energy is a Luxury Belief – But Won’t Be One Forever article link: https://contrarianedge.com/why-green-energy-is-a-luxury-belief-but-wont-be-one-forever/
You can read this article online here: https://contrarianedge.com/why-is-inflation-so-high-right-now-6-reasons/
Please read the following important disclosure: https://contrarianedge.com/diclosure/
Vitaliy recently sat down with his friend Michael Covel of Trend Following Radio. Michael and Vitaliy discuss investing in today's environment, luxury beliefs, energy, and tribalism in American society today.
The episode was recorded in January 2022, prior to the Russian invasion of Ukraine.
You can listen to the original interview in this link: https://www.trendfollowing.com/2022/02/13/ep-1050-vitaliy-katsenelson-interview-with-michael-covel-on-trend-following-radio/
Vitaliy is a big fan of mental models. They allow someone to think through analogy, often folding complex concepts into simple ones and transporting them from one discipline to another. If you use them well, you'll often see what others don't.
Essay - Why Do I Write a 27-page Letter To Clients: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/
Fall Letter link: https://contrarianedge.com/tag/fall-letter-2021/
You can read this article online here: https://contrarianedge.com/see-more-clearly-with-these-two-mental-models/
When Vitaliy first started talking about writing another book several years ago, he couldn’t have predicted where that journey would take him. The book that he took time off in 2017 to write is still unfinished, waiting for its moment in the sun. But the new book, Soul in the Game, is very real. It’s being published and released on June 21, 2022.
Pre-order in this link: https://soulinthegame.net/
You can read this special episode online here: https://contrarianedge.com/soul-in-the-game-the-art-of-a-meaningful-life/
Vitaliy doesn’t know what the stock market will do next. He may have opinions and hunches, but he never acts on them. He never tries to predict the market’s next move. Neither Vitaliy nor anyone else is good at it. The only thing Vitaliy can do is trim the sails of IMA portfolios to align with the winds of inflation.
You can find all links mentioned in the podcast in this article link: https://contrarianedge.com/how-to-build-a-portfolio-for-todays-crazy-markets/
Vitaliy is hosting an intimate gathering for friends, readers, and fellow value investors from 8–10:30 AM on Friday, April 29, 2022, at Lula B’s in Omaha. Stop by and enjoy some delicious breakfast. If you show up early enough, you might even get a free signed copy of his new book, Soul in the Game: The Art of a Meaningful Life.
Omaha's registration link: https://contrarianedge.com/breakfast-in-omaha/
Guy Spier's registration link: https://www.guyspier.com/meet-greet-omaha/
You can read this article online here: https://contrarianedge.com/a-value-investor-gathering-in-omaha/
Being a wealthy country has allowed us to develop what some call “luxury beliefs” – ideas and beliefs that make us feel good about ourselves but that horribly fail upon contact with objective reality.
In this article, Vitaliy shares how our wishful thinking about green energy has caused the prices of hydrocarbons to spike, and what that means for our long-term energy mix.
You can read this article online here: https://contrarianedge.com/why-green-energy-is-a-luxury-belief-but-wont-be-one-forever/
Vitaliy recently had the pleasure to be a guest on the Value Perspective Podcast by Schroders.
In this wide ranging conversation, Vitaliy talks about how he discovers mental models, the risks of linear thinking, and shares an embarrassing story about his time in Italy. Enjoy!
You can listen to original interview here: https://www.schroders.com/en/uk/the-value-perspective/blog/all-blogs/podcast-transcript--vitaliy-katsenelson/
You can read the transcript of this interview in this link: https://contrarianedge.com/mental-models-for-investing-an-interview-with-the-value-perspective/
In his speech declaring war on Ukraine, the dictator of Russia, Vladimir Putin, said the goal of his “special operation” was the de-Nazification of Ukraine. He’d remove the democratically elected government and install a Russia-friendly puppet government instead, thus expanding the power and influence of the Russian empire. But de-Nazification?
Azov Battalion videos: https://www.youtube.com/watch?v=cuBeABAprlo and https://www.youtube.com/watch?v=GoqZ8gPKKis&t=1s.
Myopic circles article link: https://contrarianedge.com/see-more-clearly-with-these-two-mental-models/
You can read this article online here: https://contrarianedge.com/war-in-ukraine-part-4-are-there-neo-nazis-in-ukraine/
Sanctions have a checkered history. They didn’t get rid of Castro in Cuba or the Kims in North Korea. It took more than a decade for sanctions against South Africa in the 1980s to bear fruit. But the world has never seen sanctions like this. Ironically, these sanctions may give Putin even more power.
Putin’s World: Why Russia’s Showdown with the West Will Worsen article link here: https://contrarianedge.com/putins-world-why-russias-showdown-with-the-west-will-worsen/
You can read this article online here: https://contrarianedge.com/war-in-ukraine-part-3-the-future-of-russia/
Just as 9/11 dramatically changed the flow of history, resulting in two wars and hundreds of thousands of deaths, so too will Putin’s invasion of Ukraine. Right now, we are seeing only the first effects and getting glimpses of second-order effects. The broad third-order effects will not be visible for a long time, though they’ll be obvious in hindsight.
Link to Ukraine Charities: https://contrarianedge.com/ukraine-charities/
War in Ukraine: Part 1 article link: https://contrarianedge.com/war-in-ukraine-why-i-was-blindsided-part-1/
The Making of the Capitalistic Pig article link: https://contrarianedge.com/the-making-of-capitalistic-pig/
Why Green Energy is a Luxury Belief – But Won’t Be One Forever article link: https://contrarianedge.com/why-green-energy-is-a-luxury-belief-but-wont-be-one-forever/
You can read this article online here: https://contrarianedge.com/war-in-ukraine-part-2-the-new-world/
Eight days before Russia invaded Ukraine, Vitaliy wrote an article saying there would be no war. He was certain of it, and he was completely wrong. How could he get it so wrong? The more you knew about the situation, the less likely you were to see it clearly. He dives into why in this podcast.
Link to Ukraine charities: https://contrarianedge.com/ukraine-charities/
Who Am I? (and my composers) article link: https://contrarianedge.com/who-am-i-and-my-composers/
You can read this article online here: https://contrarianedge.com/war-in-ukraine-why-i-was-blindsided-part-1/
Shostakovich Symphony No. 7 link: https://myfavoriteclassical.com/shostakovich-symphony-no-7/
IMA has owned McKesson stock since 2015. It has been very stressful at times, but also very rewarding. But the best is yet to come for McKesson. Vitaliy provides an update on his MCK investment, and why he believes its brightest days are ahead.
Opioids article link: https://contrarianedge.com/opioids-crisis-drug-distributors/
You can read this article online here: https://contrarianedge.com/mckesson-why-the-best-is-yet-to-come/
Please read the following important disclosure: https://contrarianedge.com/diclosure/
In this podcast with the Disciplined Investor, Vitaliy touches on a wide variety of topics, particularly pertaining to how to invest in inflation, historical stock returns, his market outlook going forward, and the link between interest rates and discount rates for assets like stocks. Enjoy!
You can listen to the original interview here: https://thedisciplinedinvestor.com/blog/2022/01/30/tdi-podcast-shallow-hal-investing-751/
It seems that every year, just as Mr. Market is hitting new highs, and speculative stocks soar to new levels, Vitaliy thinks we have hit the peak of craziness. But late 2021 / early 2022 might just be it. Vitaliy takes the listener through the levels of crazy in the market, from bond substitute overvaluation to NFTs and beyond. Buckle up and have fun!
Tesla Series link: https://contrarianedge.com/tesla-elon-musk-and-the-ev-revolution/
You can read this article online here: https://contrarianedge.com/i-kid-you-not-crazy/
Please read the following important disclosure: https://contrarianedge.com/diclosure/
In this podcast interview with investment website GuruFocus, Vitaliy shares the full gamut of how he invests, where and why. He touches on the role of being eclectic when investing, how to invest abroad, and how value investors should think about macro, among many other important topics. Enjoy this fun and wide-ranging interview!
You can watch the interview here: https://www.youtube.com/watch?v=eTSTbF0GwVw&t=67s
It seems every year, Vitaliy believes we have finally reached the peak of crazy, only to be proven wrong the next year. The stock market and thus index funds, just like real estate, have only gone one way – up. You don’t have to be a stock market junkie to notice the pervasive feeling of euphoria. Vitaliy shares how he invests when most if not all asset classes are very expensive.
You can read this article online here: https://contrarianedge.com/how-to-invest-when-theres-nowhere-to-hide/
Why Do I Write a 27-page Letter To Clients link here: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/
Part 1 from the Fall letter: https://contrarianedge.com/this-holiday-will-mr-market-eat-too-much-pi/
In this interview with Travis Chappell, host of the Build Your Network podcast, Vitaliy shares how he has used writing to build his network of investing peers, and also grow his firm, IMA. Along the way, Vitaliy touches on how we learned to emphasize people in investing, his evolution from analyst to CEO, and what career he would do if he were not an investor. Enjoy!
You can listen to the original interview in this link: https://redcircle.com/shows/build-your-network/episodes/66175920-ccf5-4d25-b168-6a235ad20173
On the 30th Anniversary of his family's arrival in the United States from Soviet Russia, Vitaliy reflects on his time here. After recounting the hard early days in a new country when he was "fresh off the boat", Vitaliy offers perspective on how America has changed since he arrived. What he sees now is, in some ways, more troubling than what he found all those years ago as a new immigrant.
You can read this article online here: https://contrarianedge.com/30-years-in-america/
There is a cryptocurrency, also named Omicron, that was up 900% on the day the new COVID-19 variant was publicized. Try as he might, Vitaliy cannot figure out what would have caused this crypto to spike that day. He muses that Mr. Market must be so crazy right now, that he is bidding up the price of random tokens based merely on alphabetical order. What does this imply for stocks, if anything?
You can read this article online here: https://contrarianedge.com/this-holiday-will-mr-market-eat-too-much-pi/
Essay link: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/
Vitaliy's Article Almanac 2021: https://contrarianedge.com/vitaliys-article-almanac/
During his tenure, Jack Welch built GE into an earnings estimates-beating-machine. There's just one problem with that: it leads to extreme short-termism, and ultimately the misallocation of capital. Contrast this with Jeff Bezos' approach of maximizing long-term free cash flow, disregarding the current quarter. Which business do you want to invest in?
You can read this article online here: https://contrarianedge.com/welch-vs-bezos/
Vitaliy re-shares and updates his analysis of Uber, and why it remains an attractive investment. He provides a mental model of how to analyze companies that may appear expensive but have yet to reach escape velocity in their cost structure and have a large market addressable market that they’ll likely dominate.
You can read this analysis online here: https://contrarianedge.com/our-analysis-of-uber-updated/
We are experiencing a perfect storm of inflation, formed by seemingly small factors. Each on its own may not be particularly significant, but once combined they result in an event that significantly exceeds the sum of all parts. Vitaliy provides an update on his previous inflation articles, and the risks he sees on the horizon.
Article: Inflation is here. But for how long? -> https://contrarianedge.com/inflation-is-here-but-for-how-long/
Article: How We Invest In Inflation-> https://contrarianedge.com/how-we-invest-in-inflation/
You can read this article online here: https://contrarianedge.com/inflation-update-not-transitory-yet/
Vitaliy re-shares his 2020 musings on the US Dollar, and its role in the world, and gold, and its role in IMA portfolios.
You can read this article online here: https://contrarianedge.com/beloved-country-unloved-hedge/
Vitaliy updates listeners on his views about the US and China, and includes his previous article going over the risks posed by tensions between the two nations.
He also discusses and shares an update on IMA's investment in defense stocks, in light of the current geopolitical climate.
John Cena apologizing: https://www.scmp.com/video/china/3135092/hollywood-star-john-cena-apologises-china-calling-taiwan-country
Defense Stocks article: https://contrarianedge.com/defense-stocks/
You can read this article online at: https://contrarianedge.com/us-and-china-in-the-foothills-of-cold-war/
Vitaliy recounts the time he and his brother Alex were stranded in Key West without a hotel room for a night. Every hotel had no vacancy, except one "all male" hotel.
Vitaliy tells the story of their pleasant stay there, and how investors can profit by exploiting the overly dogmatic beliefs of others.
You can read this article online here: https://contrarianedge.com/homophobic-arbitrage/
The Financial Times recently published an article about Vitaliy's travails in recruiting. After sharing the article, Vitaliy expands on what he learned about recruiting, teams, and culture since becoming CEO of IMA.
Letter to a Young Investor link: https://contrarianedge.com/letter-to-a-young-investor/
You can read this article online here: https://contrarianedge.com/lets-keep-humans-at-the-heart-of-hiring-practices/
For the longest time, Vitaliy's son Jonah would beat his younger sister Hannah at just about everything.
That all changed when we watched The Queen’s Gambit earlier this year. Here's the story. Enjoy!
Long essay link: https://contrarianedge.com/girls-gambit/
James Clear's Post: https://jamesclear.com/beginners-guide-deliberate-practice
Santa Fe 2020 road trip article: https://contrarianedge.com/santa-fe-remember-this/
You can read this article online here: https://contrarianedge.com/rooting-for-the-underdog/
Culture matters. In this podcast, Vitaliy shares how he evolved from an analyst purely focused on numbers to an investor and CEO focused on people. Using two stories from IMA's own past, Vitaliy recounts how running the business made him a better investor.
You can read this article online here: https://contrarianedge.com/the-softer-side-of-value-investing/
Disclosure: Read this before you buy your next stock
In this podcast, Vitaliy recounts the first time he felt fear. Not the fear of losing his own life, but the fear a parent feels when their kids are at risk.
Vitaliy remembers this harrowing episode, and what it taught him about being a parent.
Kruzenshtern Documentary: https://www.youtube.com/watch?v=uQ004Sgr1wA
You can read this article online here: https://contrarianedge.com/unconditional-love/
In investing, there are many "games to play". There are a lot of ways to try to make money in the market, and not all of them are good, rational, or productive over the long term.
After outlining a few games that are avoided at IMA, Vitaliy shares how he puts together a portfolio that has a high likelihood of producing satisfactory investment results over time.
You can read this article online here: https://contrarianedge.com/fools-gambit/
Disclosure: Read this before you buy your next stock
In this podcast, Vitaliy goes over why we may be entering a sideways market (he wrote two books on this subject), as well as how to invest in them.
Spoiler alert: what has worked well in the last decade-or-so bull market might not work in the next 3 - 5 years, or more. Enjoy!
You can read this article online here: https://contrarianedge.com/sideways-market/
Disclosure: Read this before you buy your next stock
In this podcast, Vitaliy shares a story about when four separate people asked him about "investing" in cryptocurrencies, as well as his thoughts on Bitcoin and other crypto-assets.
Vitaliy highlights some risks that come with owning cryptocurrencies, even if some (though not all) crypto investors have legitimate worries about the US dollar going forward.
You can read this article online here: https://contrarianedge.com/curmudgeon-on-cryptocurrency/
Disclosure: Read this before you buy your next stock
In this important podcast, Vitaliy continues his discussion of investing in an inflationary environment. He goes over a handful of strategies and ways to mitigate inflation risk, including investing in businesses with pricing power, capital intensity, and investing abroad.
He concludes with a short discussion of a new portfolio IMA is putting together for clients to address these issues.
Socially Irresponsible Investing article link: https://contrarianedge.com/socially-irresponsible-investing/
You can read this article online here: https://contrarianedge.com/how-we-invest-in-inflation/
In this important podcast, Vitaliy explores the nuances of inflation, including when it may be coming, from where it might arrive, and how long it might be staying. He also discusses cryptocurrencies, our worrying government debt, and the economic elephant in the room.
You can read this article online here: https://contrarianedge.com/inflation-is-here-but-for-how-long/
In this podcast, Vitaliy looks forward to his upcoming drive from Zurich, Switzerland to Nice, France, which he would do with his brother Alex.
The drive would take them through many charming European towns, and they would visit CERN, the advanced physics laboratory near Geneva.
Vitaliy reflects on what he and other investors can learn from the European lifestyle.
You can read this article online here: https://contrarianedge.com/zurich-to-nice/
This podcast shares an excerpt from a client letter originally written in 2016. Though some of the examples are slightly dated, many of them are just as true today as when they were written.
In some cases, even more so than before. As risk in the global economy has risen, not shrunk, since 2016, this article remains relevant today. Enjoy!
You can read this article online here: https://contrarianedge.com/searching-yield-better-look-humility-patience/
In this podcast about a family trip to San Francisco, Vitaliy draws on his memory bank to find some thoughtful lessons about parenting, culture, art, and learning from others.
Enjoy!
You can read this article online here: https://contrarianedge.com/transgender-trees-homelessness-and-a-dare-in-san-francisco/
In Part 2 of Vitaliy's talk with Indiana University students, he discusses what he got right, and what he got wrong, when investing through the pandemic. He also touches on how recessions can be good for businesses, compounding small advantages, and whether or not to envy someone else's success. Enjoy!
You can watch the complete video here: https://www.youtube.com/watch?v=B8YZmsKkAoE
Disclosure: Read this before you buy your next stock
In Part 1 of this 2 part series, Vitaliy talks with Indiana University MBA and MsF students about his approach to investing. He covers a variety of important topics, such as how to find your own investing style, sell discipline, and the limits of screens for finding great compounders. Enjoy!
You can watch the complete video here: https://www.youtube.com/watch?v=B8YZmsKkAoE
Disclosure: Read this before you buy your next stock
In this podcast, Vitaliy relates a story about translating one of his investing books into Russian.
His books have been translated into Chinese, Korean, Japanese, German, and Romanian. But the story behind the Russian translation is about much more than just book sales. In fact, it is far more personal.
You can read this article online here: https://contrarianedge.com/my-russian-book/
The investment world is currently upside down. Investors are buying bonds for capital appreciation, and stocks for income. Under normal conditions, the reverse would be true. But there is an inherent danger in this - listen to find out what it is.
You can read this article online here: https://contrarianedge.com/dangers-dividend-obsession/
In this interview, Vitalily sits down with his friend Andrew Horowitz from the Disciplined Investor podcast. They discuss everything - from what value investing is (and is not), to whether you should take the Peter Lynch approach of investing in what you know, to the future of malls and ridesharing. Enjoy!
Originally recorded here: https://thedisciplinedinvestor.com/blog/2021/03/28/tdi-podcast-what-is-value-anyway-707/
In this short podcast about family life, Vitaliy recounts a fun, and scary, trip to Laguna Beach that ends with an important lesson. Then, he recalls a teaching moment he had with his daughter Hannah, in which he got to share his love of spreadsheets and their usefulness. Enjoy!
You can read these articles online here: https://contrarianedge.com/hug-your-kids/ and https://contrarianedge.com/one-spreadsheet-at-a-time/
In this podcast, Vitaliy recalls his early 2019 trip to Europe. Written in the pre-COVID days, this essay takes the listener on a tour of a handful of random European cities, as well as a tour of random thoughts from Vitaliy.He muses on everything from impressionism, to Charlie Chaplin, to Masayoshi Son of Softbank fame. Enjoy!
You can find the links mentioned in the podcast in the article here: https://contrarianedge.com/zurich-to-nice-travel-notes/
In this podcast, Vitaliy talks with Michael Covel about all things Tesla. Getting into the weeds, the two discuss Tesla's profitability (or lack thereof), the nuances of the charging network and the engine, as well as prospects for ICE car makers to make the jump from gasoline to electric. Enjoy!
Originally posted here.
Vitaliy was recently interviewed by the website WorldClassPerformer.com. What follows are a series of questions about him, his background, influences and habits. While he answered these questions truthfully, you shouldn't think that he doesn't have a lot of room for improvement. A more appropriate interview title would have been: "Flawed, but Relentlessly Curious and Hopefully Always Improving Performer".
You can read this interview online here: https://contrarianedge.com/my-interview-with-worldclassperformer-com/
Originally posted here: https://worldclassperformer.com/short-life-lessons-from-vitaliy-katsenelson/
If the investing road ahead (e.g. the stock market) is smooth, up and to the right, then making money in stocks will continue to be easy. But if things get more rocky, you're going to need the investment equivalent of an All Terrain Vehicle.
In this podcast, Vitaliy explains how he achieves this portfolio ruggedness at his firm, IMA.
You can read this article online here: https://contrarianedge.com/time-terrain-investment-portfolio/
Vitaliy recently asked another value investor if he wanted Warren Buffett's success. While this may seem like a rhetorical question, the truth is many value investors are quietly envious of Buffett. In this podcast, Vitaliy shares an old piece of Jewish wisdom on how to deal with envy, and how Stoics use a special technique to internalize the good qualities of someone you admire.
You can read this article online here: https://contrarianedge.com/go-ahead-covet-your-neighbors-wife/
At first, investors loved them. Then, they hated them. Now, investors have left them for dead. Oil and gas pipeline companies are anything but popular. But they are essential businesses, with rising free cash flow and substantial dividend yields. In this podcast, Vitaliy walks you through IMA's recent investment in oil pipelines, and then gives an overview of his firm's sell discipline.
You can read these articles online here: https://contrarianedge.com/the-renaissance-of-pipelines/ and https://contrarianedge.com/our-sell-discipline/.
Disclosure: Read this before you buy your next stock
It all started after Vitaliy's daughter, Hannah, watched The Queen’s Gambit for a homework assignment. She told Vitaliy he had to watch it. He did, and loved it. But then Hannah said, “Dad, let’s play chess!”
In this podcast, Vitaliy explores his daughters' new found interest in the game, and the connection his family has to chess as part of Russian culture.
You can read this article online here: https://contrarianedge.com/girls-gambit/
Vitaliy recently had the pleasure to sit down with Angelo Robles of the Family Office Association. In this interview, Angelo and Vitaliy discuss Vitaliy's approach to portfolio construction, how value investors should think about the macroeconomy, how the stock market during the pandemic reminded Vitaliy of chess, and of course, Tesla. We hope you enjoy it!
You can watch the complete interview here: https://www.youtube.com/watch?v=kH6mFFyozCA&t=190s
Disclosure: Read this before you buy your next stock
Vitaliy has a problem with both value- and growth investing demagogues. While value demagogues tend to believe any company that trades at a P/E above the market average is too frothy, growth demagogues claim that price doesn't matter.
In this podcast, Vitaliy explains how both camps can be too narrow minded, and how investors should learn from the best of both sides when selecting companies to buy.
You can read this article online here: https://contrarianedge.com/value-growth-demagogues/
The Winter 2020/21 Client Letter that Vitaliy just sent to IMA clients was 27 pages long. Over the next few weeks, he’ll share excerpts from the letter with you, our dear podcast listeners. These excerpts will not focus as much on individual "fish" (stocks) as they do on "how to fish."
In this podcast, Vitaliy discusses why he writes such long letters, and how to use a Stoic technique to help manage the emotions that come with the stock market.
You can read these articles online here: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/ and https://contrarianedge.com/dont-be-a-sophist/.
2020 will go into our memory banks as a very painful year. Stoicism, particularly the stoic practice of negative visualization, helped Vitaliy put 2020 into a broader historical context, and compare what happened, which was bad, to what could have happened. In this podcast, Vitaliy walks you through how Stoicism helped him put a challenging year into perspective.
You can read this article online here: https://contrarianedge.com/a-shift-in-perception-transforms-reality/
Amazon.com has announced an online pharmacy offering. How big of a punch could this be to drug distributors McKesson, Cardinal Health and AmerisourceBergen? In this podcast, Vitaliy takes you through why he believes these businesses will be resilient to any potential attacks from Amazon, with a particular focus on McKesson.
You can read this article online here: https://contrarianedge.com/mckesson-amazon-will-not-throw-this-drug-railroad-off-the-tracks/
Disclosure: Read this before you buy your next stock
In Part 2 of his interview with Jim Campbell, Vitaliy and Jim take a deep dive into assessing company management, nuanced thinking, and writing. To explore this, they examine the career of Masayoshi Son, the CEO of Softbank, in which Vitaliy's firm, IMA, used to own stock. Son's tenure has lots of lessons for investors, including the power of admitting mistakes. The conversation concludes with Vitaliy and Jim discussing their shared passion for writing, and the role it plays for them as investors and students of life.
You can listen to Part one here: https://investor.fm/interview-with-jim-campbell-ep-103
Disclosure: Read this before you buy your next stock
In this interview with Andrew Kleuss on Investors Hub, Vitaliy makes the case that concerns over Amazon's entry into the pharmaceuticals business are probably overblown. To parse this problem, Vitaliy differentiates between pharmacies and drug distributors, and analyzes the extent to which Amazon can compete with both. While Amazon might place some pressure on pharmacies over time, he explains how drug distributors' unique supply chains should remain robust against a competitive threat from Amazon.
Sometimes, simple rules add up to great results. In this podcast, Vitaliy shares some simple, straightforward heuristics which, when applied consistently over time, should help you compound your money in successful investments. They have certainly helped Vitaliy!
You can read this article online here: https://contrarianedge.com/these-simple-tips-can-make-you-a-better-investor/
In this interview with Jim Campbell, host of radio show Business Talk and author of the book Madoff Talks (see link below), Vitaliy gives a wide-ranging overview of Tesla and Elon Musk. From parallels between the transition to cars from horses, to the role that tax credits play in Tesla's valuation, to Musk's tweets, Vitaliy covers the gamut of all things Tesla.
Madoff Talks book link.
You can purchase Tesla, Elon Musk, and the EV Revolution as an ebook or paperback on Amazon, or receive it as a free email series in your inbox here.
Disclosure: Read this before you buy your next stock
In this podcast, Vitaliy celebrates his daughter Hannah’s love of reading and her budding talent as a writer. Then, drawing on formative childhood experiences with his father, he shares his thoughts on how to instill a love of classical music in children.
You can read this article online here: https://myfavoriteclassical.com/reading-and-listening/
When Vitaliy started writing his new book, it kicked off a slew of other positive changes in his life. In this podcast, Vitaliy covers how diet, exercise, and meditation have made him fitter, stronger, happier, and (hopefully!) a better person.
"I Don't Eat Desserts" article here: https://contrarianedge.com/i-dont-eat-desserts/
You can read this article online at: https://contrarianedge.com/my-self-improvement-journey/
Over the last six months, Vitaliy has skewed IMA's portfolios more towards defense companies. Why? The world appears less safe today than at any time since the Berlin Wall came down. Fast-forward two decades from then to now, and we find a drastically different world. In this podcast, Vitaliy explains his thoughts on the US, China, and the role defense companies play in IMA client portfolios.
You can read this article online here: https://contrarianedge.com/us-and-china-in-the-foothills-of-cold-war/
Disclosure: Read this before you buy your next stock
If you believe the global economy is doing great and stocks are cheap, this podcast is not for you. But if you believe that stocks are expensive, and that a global economic time bomb is ticking because of unprecedented intervention by governments and central banks, then listen away. Although this podcast was "written" in 2016, its major points, especially about geopolitical risk, inflation and deflation, and valuation, are even more relevant today.
You can read this article online at: https://contrarianedge.com/how-investors-should-deal-with-the-overwhelming-problem-of-understanding-the-world-economy/
Vitaliy recently read Make Time, written by Jake Knapp and John Zeratsky, two ex-Google engineers. The book made him look at technology companies and time from a slightly different perspective. In an age when attention is currency, time becomes extremely valuable. In this podcast, Vitaliy shares how he updated his time management practices after reading the book.
Article about financial budgeting: https://contrarianedge.com/personal-finance-advice-that-changed-my-life/
You can read this article online here: https://contrarianedge.com/resetting-defaults/
During the past several years, the Federal Reserve neatly groomed, manicured and then finely polished investment slopes for all asset classes by lowering interest rates to unprecedented levels. But ubiquitously rising valuations cover up a lot of mistakes and often a lack of skill. In this podcast, Vitaliy explores the ways that the market has been softened and groomed by the Fed -- and what could happen when that reverses.
You can read this article online here: https://contrarianedge.com/downhill-racing-meets-value-investing/
Part 2 of 2. It was a pleasure for Vitaliy to talk to Andrew Sather and Dave Ahern on the Investing for Beginners podcast. In part two of a two part series, they take a deep dive into Uber as a value investment, the competitive threat from Tesla and self-driving cars, and the capital expenditure required to justify Tesla's valuation. Enjoy!
Vitaliy's 13-page analysis of Uber (click here to read it)
You can listen to part 1 here-> https://investor.fm/investing-for-beginners-interview-part-1-ep-95
Part 1 of 2. It was a pleasure for Vitaliy to talk to Andrew Sather and Dave Ahern on the Investing for Beginners podcast. In part one of a two part series, they discuss how Coronavirus has impacted IMA's investing, the USD as reserve currency, IMA's investment in defense stocks, and the role that macroeconomics plays in investing today. Enjoy!
Vitaliy would be lying if he told you that over the last few years investing was not frustrating. Over that time, he's felt like he was driving the wrong way on a one-way growth highway. Albert Einstein defined insanity as “doing the same thing over and over again but expecting a different outcome.” Vitaliy can relate to this on some level. In this podcast, Vitaliy shares why he is not writing this from a mental asylum. He found solace in Stoicism.
Video link-> https://www.youtube.com/watch?v=fm2cnP1ruag
You can read this article online here-> https://contrarianedge.com/letter-from-the-value-investing-mental-asylum-or-how-i-embraced-stoics/
Disclosure: Read this before you buy your next stock
The definition of a cult is “misplaced or excessive admiration for a particular person or thing”; and while you can argue that admiration for Buffett is at times a bit excessive, it is hardly misplaced. There are tens of thousands of people (including Vitaliy) who’ll openly admit that Buffett’s popularization of Benjamin Graham’s teachings has had a tremendously positive impact on their lives. In this podcast, Vitaliy takes you inside the Berkshire Hathaway Annual Meeting in Omaha.
You can read this article online here-> https://contrarianedge.com/the-warren-buffett-charlie-munger-show/
Lately, Vitaliy has been pondering whether and how to instill a love of classical music in his kids, a passion that was passed to Vitaliy from his own parents. Should he insist on piano lessons, or weekly listening sessions? Reflecting on his experience growing up, Vitaliy shares what is behind his love of classical, as well as a lesson on how to impart one's values to one's children.
You can read this article online here-> https://contrarianedge.com/torture-kids-classical-music/
In this podcast, Vitaliy discusses his investment in Swedish bank Svenska Handelsbanken, and what makes their culture so unique. He then gives a short explanation on when book value works as a measure of intrinsic value, and why it often doesn't. Finally Vitaliy makes an announcement that should be of interest if you are a college student with a passion for value investing.
You can read these articles online here: https://contrarianedge.com/svenska-handelsbanken-and-how-to-use-book-value/ and https://contrarianedge.com/free-value-investing-curriculum-for-college-students/
Disclosure: Read this before you buy your next stock
Sign up link-> https://imausa.com/signup-for-students/
In this podcast, Vitaliy describes the next adventure his son Jonah will have going to college from Hawaii, as well as the role that defense stocks play in IMA's portfolios today.
You can read these articles online here: https://contrarianedge.com/jonah-doing-jonahs-thing/ and https://contrarianedge.com/defense-stocks/.
Disclosure: Read this before you buy your next stock
In Part 2 of Vitaliy's interview with Aznaur Midov on the Accent Podcast, Aznaur and Vitaliy continue their discussion on investing and life. Vitaliy explains how time can slow down when investors face a loss and what to do about it, how investing is evolving, the difference between work and productivity, and a personal finance hack Vitaliy uses. Vitaliy ends with a story about his time in the Navy, and his favorite country to visit (hint: it's not a country). Enjoy!
You can listen to part one here.
Disclosure: Read this before you buy your next stock
In November 2019, Vitaliy had the pleasure to sit down with Aznaur Midov, fellow Russian immigrant and host of the Accent Podcast, to talk about Vitaliy's story and lessons from 20 years of investing. In part 1 of a 2 part podcast, Vitaliy shares his thoughts on how value investing has evolved, the difference between value and "growth at a reasonable price", the role of diversification and rebalancing, and how he finds new stock ideas. Enjoy!
You can listen to part two here.
Disclosure: Read this before you buy your next stock
Vitaliy hated every minute he spent working on this podcast, because he got close to a line he doesn't like to cross – the politics line. It was particularly painful because it made him think more about the negative changes that are happening to the country he loves. But as investors, we have to think about how changes in the world impact our portfolio. Here's how Vitaliy considers the role of the US Dollar in tomorrow's world.
You can read this article online at: https://contrarianedge.com/beloved-country-unloved-hedge/
Disclosure: Read this before you buy your next stock
Vitaliy was recently asked by the CFA Institute to give a talk in London. But this offer was even more interesting than usual: it was a joint presentation with Guy Spier. Guy is a tremendous value investor who happens to be a good friend of Vitaliy. He was born in South Africa, spent his childhood in Iran and Israel, received an MBA from Harvard, and in 2008 got sick of the New York hedge fund rat race and moved with his family to Zurich. In this podcast, Vitaliy shares his friendship with Guy, and reviews his excellent book, The Education of a Value Investor.
You can read this article online at: https://contrarianedge.com/what-i-learned-from-value-investor-guy-spier/
Vitaliy was recently going through a new client’s portfolio and found it full of the likes of Coca-Cola and Campbell Soup - pseudo-bond substitutes. Each one is a stable and mature company. Your mother-in-law would be proud if you worked for any one of them. But their days of growth are in the rearview mirror. In this podcast, Vitaliy explains a key distinction in investing: the difference between a good company and a good investment.
You can read this article online at: https://contrarianedge.com/good-companies-dont-always-make-good-stocks/
Disclosure: Read this before you buy your next stock
Santa Fe and Vitaliy's family go way back to the early 90s. It all started with his father, Naum, and his stepmother. Naum had his paintings exhibited in a gallery on Santa Fe’s famous Canyon Road. A few times a year, the Katsenelsons would load up paintings in a minivan and drive them to Santa Fe. Now, Vitaliy takes his kids there every year, in what has become a sacred tradition.
You can read this article online at: https://contrarianedge.com/santa-fe-remember-this/
Tesla’s market cap just crossed $300 billion. It’s the largest car maker in the world, even larger than Toyota, which produced almost nine million cars in 2019 and had a market cap of $200 billion. In this podcast, Vitaliy hypothesizes that Tesla's market cap has traveled through a wormhole from the future to the present, and why $300 billion is a tenuous valuation, even for the world leader in electric vehicle manufacturing.
You can read this article online at: https://contrarianedge.com/teslas-stock-price-discounts-temporal-wormhole-into-the-future/
Disclosure: Read this before you buy your next stock
Vitaliy's 37-page Tesla writeup signup link.
Vitaliy's Nifty FAANG and Other "One Decision" Investment Strategies article.
Vitaliy had the pleasure to sit down with the Reformed Broker himself, Josh Brown on his podcast The Compound. What follows is their conversation, in which they discuss why the price you pay for a stock always matters, no matter how good the quality, and then they go through some historical examples. Vitaliy hopes you enjoy it!
You can view this interview online here-> https://www.youtube.com/watch?v=pcqeUmTq2IY&t=229s
You can read article "Nifty FAANG and Other "One Decision" Investment Strategies" in this link: https://contrarianedge.com/nifty-faang-and-other-one-decision-investment-strategies/ or listen to episode #78.
Disclosure: Read this before you buy your next stock
In investing, one of the most important traits an investor can have is intellectual flexibility. Buffett, for example, is very dispassionate about what he owns; he has the ability to change his mind. In the early part of 2020, he was the largest shareholder of US airline stocks, and was actively buying more, only to sell them a few weeks later. This quarter, Vitaliy did something similar with a company his firm, IMA, admires. In this podcast, Vitaliy explains what that company was, and why it matters.
You can read this article online at: https://contrarianedge.com/when-the-facts-change-we-change-our-minds-anatomy-of-a-sale/
Disclosure: Read this before you buy your next stock
In this mini-podcast, Vitaliy shares a personal story that illustrates how profound even a tiny shift in perspective can be.
You can read this article online at: https://contrarianedge.com/perspective/
Vitaliy was on PBS NewsHour talking about Uber Eats and the food delivery business. When he told his six-year-old daughter Mia Sarah about it, she shrugged and said she’d be more impressed if he was on PBS Kids. The five-minute recorded interview was cut down to literally four seconds, so here are Vitaliy's further thoughts on both the Uber Eats and Ridesharing businesses.
You can read article online at: https://contrarianedge.com/uber-delivering-food-and-my-4-seconds-of-fame-on-pbs-not-pbs-kids-unfortunately/
Disclosure: Read this before you buy your next stock
In the 1960s and 1970s Nifty 50 stocks were one-rule stocks – and the rule was, buy! They were bought, and bought, and bought. They were great companies and paying attention to how much you paid for them was irrelevant. Until. In this podcast, Vitaliy draws on history to show what happens when investors only pay attention to a company's quality at the expense of price.
You can read this article online at: https://contrarianedge.com/nifty-faang-and-other-one-decision-investment-strategies/
Disclosure: Read this before you buy your next stock
Vitaliy can definitely see how we are always trying to numb our minds. We constantly need the mental organ entertained and well-numbed with external stimuli. It seems that whenever we are left with ourselves, that is, with our minds, we reach out for our favorite portable numbing device and happily lose ourselves in Facebook, Twitter, Netflix, or YouTube. We spend little or no time with ourselves.
You can have a look at the pictures Vitaliy took in his morning walks in Vail here and his beautiful walks in Betty Ford Alpine Garden here.
You can read this article online at: https://contrarianedge.com/de-numb-your-mind/
Vitaliy grew up in Russia, where chess is a spectator sport. Any player who takes chess seriously will carefully study opening systems – the series of first moves early in the game that lead to the middle-game formation of pieces. Because chess always starts with pieces in the same arrangement, opening moves can become somewhat routine. In this podcast, Vitaliy compares the stock market to Fischer Random Chess, in which the opening pieces are totally jumbled across the board. Vitaliy explains that investing today is like Fischer Random Chess, where the objective is the same, but the set up is unlike one we have seen in our lifetime.
You can read this article online at: https://contrarianedge.com/the-fischer-random-chess-stock-market/
Disclosure: Read this before you buy your next stock
In April 2018, Vitaliy met with one of his best investment friends, John Mauldin. John has been an inspiration to Vitaliy both personally and professionally, but no more so in the context of writing. John writes at Mauldin Economics, one of the web's the most widely read and successful investment letters. In this podcast, Vitaliy shares how John was able to inspire him to both write better, and be a better human being.
John's articles-> https://www.mauldineconomics.com/
You can read this article online at: https://contrarianedge.com/be-kind/
The average stock out there (that is, the market overall) is very, very expensive. At this point it almost doesn’t matter which valuation metric you use; they all point to the fact that stocks were only more expensive during the dot-com bubble. In many ways, knowing what to avoid is just as important as knowing what to buy. In this podcast, Vitaliy takes you through the risks in today's market, and shares his view on what NOT to buy.
You can read this article online at: https://contrarianedge.com/what-not-to-buy-in-todays-stock-market/
Disclosure: Read this before you buy your next stock
Retail stocks have been annihilated recently, despite the economy eking out growth. The fundamentals of the retail business look horrible: Sales are stagnating and profitability is getting worse with every passing quarter. Jeff Bezos and Amazon get most of the credit, but this credit is misplaced. In this podcast, Vitaliy shares the truth behind the demise of retail.
You can read this article online at: https://contrarianedge.com/its-not-just-amazons-fault/
Disclosure: Read this before you buy your next stock
People often ask Vitaliy about his writing process, when he finds time to write, and how he manages to do investment research. In this podcast, Vitaliy walks the listener through his process -- from getting up at 4:30 in the morning, to researching and valuing companies, to talking to clients. For a day in the life of Vitaliy Katsenelson, give this podcast a listen.
You can read this article online at: https://contrarianedge.com/the-jet-lag-series-how-do-i-work-when-do-i-find-time-to-write/
Vitaliy was slated to give a speech at a conference in Omaha, a day before the Berkshire Hathaway Annual Meeting. He was more nervous than usual. Usually, Vitaliy needs a looming deadline to build the pressure to unleash creativity. Two days before, he wrote a nine page speech titled “How to Stay Rational in an Irrational World.” On the day of the speech, there were maybe 200 people in attendance. Vitaliy stepped up to the mic to begin. Then the lights went out.
You can read this article online at: https://contrarianedge.com/finding-high-quality-companies-today/
Disclosure: Read this before you buy your next stock
Though Vitaliy loved working from home, it came at a cost – he destroyed some good habits he built up over the last few years. In March, he worked super long hours and wanted to make sure he got enough sleep. He usually writes early in the morning, but that habit has been interrupted. He's been working proactively over the last two weeks to restore old good habits and create some new ones.
You can read this article online at: https://contrarianedge.com/rebuilding-good-habits-after-lockdown/
Vitaliy always looks at IMA's investment process and asks himself, “What can we do better? How can we increase returns and lower risk?" Vitaliy thinks he has found a sensible way to do both -- by purchasing index put options, where possible, on a portion of the portfolio. Vitaliy explains the math behind this choice, and why the best time to buy hurricane insurance is when no one believes there will be a hurricane.
You can read article online at: https://contrarianedge.com/options-hurricanes-hedging/
Disclosure: Read this before you buy your next stock
Early in his career, Vitaliy tried to emulate Warren Buffett and spurned the use of spreadsheets. But here’s the thing: Buffett has a supercomputer in his head and Vitaliy doesn't. Vitaliy needs to visualize financial statements by building models; he feels them viscerally in doing so, whereas Buffett doesn't. In this podcast, Vitaliy expands on why rather than trying to be Warren Buffett 2.0, you should be You 1.0.
You can read article online at: https://contrarianedge.com/the-jet-lag-series-should-you-copy-your-heroes/
Nearly every year, Vitaliy does a Q&A-style lecture for students at universities in Denver. But since campuses are closed, he decided to take this year's talk online. This podcast is part 2 of 2 of that recording. Enjoy!
Listen to Part 1 here-> http://investor.fm/investing-qa-small-caps-vs-large-caps-increasing-your-circle-of-competence-and-should-value-investors-buy-gold-ep-66
Disclosure: Read this before you buy your next stock
Nearly every year, Vitaliy does a Q&A-style lecture for students at universities in Denver. But since campuses are closed, he decided to take this year's talk online. This podcast is part 1 of 2 of that recording. Enjoy!
Disclosure: Read this before you buy your next stock
Vitaliy recently sat down (virtually) for a conversation with Gerhard Sogl from the CFA Society of the United Kingdom. They discussed IMA's approach to investing during the uncertainty of the ongoing COVID-19 crisis and a framework that the IMA team uses to make sense of the situation and helps them approach investing in a rational manner.
You can view interview online here-> https://www.youtube.com/watch?v=BCX4UV72kl8
Disclosure: Read this before you buy your next stock
This had never happened before. Several clients reached out to Vitaliy wondering if he had been kidnapped and someone else was making investment decisions in their accounts. The gist of their questions was: how you can go from making conservative investments to buying a dotcom-like stock that is losing money? How can this company even be a value investment? In this podcast, Vitaliy explores his firm's investment in Uber, and how it fits within a value investing framework.
Disclosure: Read this before you buy your next stock
Vitaliy spoke with Danielle Town of the InvestED podcast last October. They originally sat down to talk about investing, but the conversation turned into a reflection on his upbringing in Soviet Russia, parenting, budgeting, and more. Danielle is a New York Times bestselling author of “Invested”, founder of the value investing newsletter “The Invested Practice”, and co-host of the podcast InvestED with her investor father, Phil Town. She graciously allowed Vitaliy to reproduce the interview here, so have a listen to part 2 in this episode.
Listen to part 1 here -> http://investor.fm/invested-interview-part-1-ep-62
Disclosure: Read this before you buy your next stock
Vitaliy spoke with Danielle Town of the InvestED podcast last October. They originally sat down to talk about investing, but the conversation turned into a reflection on his upbringing in Soviet Russia, parenting, budgeting, and more. Danielle is a New York Times bestselling author of “Invested”, founder of the value investing newsletter “The Invested Practice”, and co-host of the podcast InvestED with her investor father, Phil Town. She graciously allowed Vitaliy to reproduce the interview here, so have a listen to part 1 in this episode.
Disclosure: Read this before you buy your next stock
A few weeks ago, Vitaliy and his daughter Hannah got up at 6 in the morning and drove more than an hour so she could play in her team's volleyball tournament. Hannah’s team played four other teams, and each game had two or three sets. Hannah stood on the sidelines for all the games and did not touch the ball even once. Vitaliy was really upset, at first. But what Hannah said next surprised and inspired him.
You can read article online at: https://contrarianedge.com/the-jet-lag-series-there-is-no-i-in-hannah-but-there-are-two-in-vitaliy/
This is an announcement Vitaliy shared with his newsletter readers and he thought you, his podcast listeners, might want to hear it as well. It will be removed from this podcast stream when it’s no longer relevant. Vitaliy was finally able to do something he's tried to do but could not for ten years: he's built a dividend portfolio that’s “all-terrain” and that yields … well, you’ll have to listen to the end to find out.
You can read article online at: https://contrarianedge.com/the-all-terrain-dividend-portfolio/
While in Venice, Vitaliy, his brother, and son visited a glass factory and watched a glassblowing demonstration. The glass artist took a ball of molten glass, stuck large forceps into it, and magic happened – he pulled a horse’s head, body, legs and tail out of it. A few strokes with a metal blade and they had seen the "birth" of a beautiful glass horse. After they left the factory, Alex, Jonah, and Vitaliy walked the streets of Murano, discussing whether this fellow was practicing an art or a craft.
You can read article online at: https://contrarianedge.com/the-jet-lag-series-art-or-craft/
Vitaliy recently spoke with Andrew Horowitz at “The Disciplined Investor” podcast. Andrew graciously allowed to share Vitaliy's part of the interview with the Intellectual Investor audience.
The discussion centers around this recession and why it’s not like any other previous one we’ve experienced.
It also covered about why it’s the best thing that could’ve happened to IMA clients' portfolios, what IMA's game plan is going forward, and how it's “microdosing” stock purchases to deal with the uncertainty of this time.
Finally, Andrew and Vitaliy discuss assumptions Vitaliy is making about the future, what stocks he's looking at right now, and what companies might not survive this crisis.
Original Interview here-> http://thedisciplinedinvestor.com/blog/2020/03/21/tdi-podcast-investment-microdosing-654/
Disclosure: Read this before you buy your next stock
In this podcast, Vitaliy shares a recent (brief) letter he wrote to clients about how he and his firm are responding to Coronavirus and the recent selloff in the stock market. After touching on the day to day at IMA, Vitaliy elaborates on how he is taking advantage of volatility to buy great businesses at wonderful prices. He hopes you enjoy it!
You can read this article online at: https://contrarianedge.com/markets-in-turmoil-our-game-plan/
Disclosure: Read this before you buy your next stock
Vitaliy wrote the following in early February after his trip to Europe (as part of the Jet Lag Series), which started in Switzerland and concluded in Italy (Venice to be exact). Yes, the part of Italy that today is devastated by coronavirus. He missed the virus by only two weeks. In that short amount of time we have transitioned into a different world – a new era. Since then, this podcast has taken on new meaning for Vitaliy. He hopes you enjoy it.
You can read this article online at: https://contrarianedge.com/set-your-egg-timer-to-6-months/
As Vitaliy was writing a recent article, he got an email from a client saying, “Your move, boss.” This prompted him to expand on what exactly his "move" would be, given the recent stock market turmoil. In short, it is just another day at IMA. After touching on some slightly positive virus news and the oil price war, Vitaliy shares a quote from two investment heros about navigating market volatility as a long-term value investor.
You can read these articles online at: https://contrarianedge.com/russia-saudi-play-a-dangerous-game-of-chicken/
https://contrarianedge.com/what-would-ben-graham-do-in-todays-market/
Disclosure: Read this before you buy your next stock
Vitaliy is back from his trip to Switzerland and Italy. This trip was extra special for him, because he and his brother Alex were joined by his son Jonah. Every day on the trip Vitaliy wrote in his journal, but was always constrained on time. After returning to Denver, Vitaliy took advantage of his jet lag to expand on his journal entries, and wrote a series of random, but thoughtful, podcasts to be shared with you. These short essays are called “The Jet Lag Series," and this is Part 1.
You can read this article online at: https://contrarianedge.com/the-jet-lag-series-inhaling-europe/
Vitaliy wrote the following letter to IMA clients about coronavirus. Since news broke a few weeks ago, he's received many emails from readers asking for his thoughts on the virus. Rather than write another article on it, Vitaliy has decided to share the full letter to clients here in this podcast.
You can read this article online at: https://contrarianedge.com/the-impact-of-coronavirus-people-economy-your-portfolio/
Disclosure: Read this before you buy your next stock
Vitaliy has a confession to make. Someday, he wants his company to be called Katsenelson & Kids. That doesn't have to be the official name, but he does want to work with his kids, whom he wants to become value investors. He knows he is supposed to want them to become doctors or physicists, but he doesn't. Maybe if you "go Freud" on Vitaliy, you'll tell him this is his way of not wanting to let them go.
You can read this article online at: https://contrarianedge.com/me-my-boy-and-warren-buffett/
Vitaliy was supposed to give a presentation at a conference in Omaha, a day before the Berkshire Hathaway annual meeting. He was more nervous than usual. There were maybe two hundred attendees in the venue. A few minutes into his presentation, the lights went out. In this podcast, Vitaliy shares how this moment shaped his view of public speaking, preparation, and creativity.
You can read this article online at: https://contrarianedge.com/little-moments-give-great-speech/
When should you not buy commodity stocks? When you feel like you must own them. Vitaliy remembers when investors felt they must own oil stocks, when oil prices shot past $100 per barrel and everyone was convinced they were going to $200. Today oil stocks are universally hated, and arguably for the right reasons – the future is knocking on our door, and it has electric vehicles in it. Nevertheless, Vitaliy lays out a case for while there may be value in the oil patch today, and expands on how Equinor might be able to capture that value.
You can read this article online at: https://contrarianedge.com/equinor-a-good-crisis-is-never-wasted/
Disclosure: Read this before you buy your next stock
We think of Vincent Bollore as the John Malone of Europe – his strength is in identifying undervalued assets, taking control of them, and unlocking value. Bollore owns 25% of Vivendi, the prime asset of which is Universal Music Group (UMG), the largest music label in the world. Vivendi owns around 30% of the music created in the Western hemisphere. It is the home of Lady Gaga, Mariah Carey, Queen, Prince, and many other artists. In this podcast, Vitaliy explains the appeal of investing in (with) Vincent Bollore's holding company of the same name.
You can read this article online at: https://contrarianedge.com/bollore-streaming-music-cash-flows/
Disclosure: Read this before you buy your next stock
In a change of pace, this podcast will not discuss this stock market or the economy. Instead, Vitaliy writes about some very random, but still relevant topics - from his upcoming trip to Europe, to his new philosophy about helping his kids grow to be well-rounded adults, to when he decides to break with his diet (hint: it's 8% of the time!). Vitaliy hopes you enjoy it.
You can read this article online at: https://contrarianedge.com/the-8/
Party like it’s 1999: this is how the stock market feels to Vitaliy today. No, there are no dot-coms, though temporarily we had dot-cannabis and dot-fake-beef bubbles which got popped. Growth stocks are incredibly expensive. Value stocks have underperformed for the last ten years. The last time this underperformance was this extreme was 1999. In this podcast, Vitaliy walks you through how he sees the market today, and how IMA is building an All-Terrain portfolio to weather whatever the market might throw at it.
You can read this article online at: https://contrarianedge.com/2020-party-like-its-1999/
Disclosure: Read this before you buy your next stock
The Roman philosopher Seneca wasn’t talking about the stock market when he wrote that “Time discovers truth,” but he could have been. In the long run a stock price will reflect a company’s (true) intrinsic value. In the short run the pricing is basically random. In this podcast, Vitaliy looks at two historical examples of how the market got stock market valuations wrong in the short term, but right in the long term.
You can read this article online at: https://contrarianedge.com/the-market-right-now-doesnt-care-how-fantastic-your-stocks-are/
Disclosure: Read this before you buy your next stock
When Vitaliy got into his mid-forties, he landed in his own version of a mid-life crisis. Instead of getting a 20-year-old girlfriend or a red convertible, he started paying attention to his health. He was surprised to discover it was somewhat less-than-perfect. Vitaliy shares how he addressed this issue, including by tapping into the power of his unconscious mind. The unconscious mind plays a big role in investing, too, and Vitaliy shares how it can contribute to great outcomes in life, investing, and skipping dessert.
You can read this article online at: https://contrarianedge.com/i-dont-eat-desserts/
Socially responsible investing. Awesome! What’s not to love – your capital doesn’t just enrich your life, it also flows only to companies that do social good. The best features of capitalism and socialism wrapped into one nice tidy package. This sounds great, just as socialism was music to Russian ears a hundred years ago. Vitaliy explores the complexities of implementing a socially responsible strategy, and shares how he tackles this subject at his investing firm, IMA.
You can read this article online at: https://contrarianedge.com/socially-irresponsible-investing/
Disclosure: Read this before you buy your next stock
While Vitaliy loves to travel, he hates traveling alone. During a recent trip to San Francisco, Vitaliy and his daughter Hannah took in the sites and sounds of that great city. Hannah and Vitaliy got some amazing memories from this short trip, and Hannah learned an important lesson about personal finance and charity.
You can read this article online at: https://contrarianedge.com/i-left-my-heart/
Vitaliy has been asked a lot about Bitcoin lately. But he hasn't said much about it publicly, because he finds himself in an uncomfortable position: agreeing with most mainstream financial media. For Vitaliy, the truth is simple and clear: Bitcoin is a bubble.
You can read this article online at: https://contrarianedge.com/bitcoin-millennials-fake-gold/
Disclosure: Read this before you buy your next stock
Part 2. Vitaliy and Tony Greer of TG Macro continue their conversation for Real Vision. In this episode, Vitaliy discusses the investment puzzle presented by Tesla, whether or not he owns the stock, the automotive industry, America's bright future, and more.
You can also listen to complete interview here: https://www.realvision.com/market-risk-and-the-all-terrain-portfolio
Disclosure: Read this before you buy your next stock
Part 1. In early November, Vitaliy sat down with Tony Greer of TG Macro for an interview to be featured on Real Vision, a widely respected financial thought leadership network. They discuss how Vitaliy constructs an all-terrain portfolio for IMA clients, and the role that the macroeconomy plays in investing.
You can also listen to complete interview here: https://www.realvision.com/market-risk-and-the-all-terrain-portfolio
Disclosure: Read this before you buy your next stock
In this episode, Vitaliy talks with Michael Covel of Trend Following Radio. Vitaliy and Michael discuss the importance of process-based goals and the role they play in creating a happy life, and the challenges of finding value in today's market. Vitaliy shares his view on how risks have built up in financial markets, how those might play out in the next few years, and how he's positioning IMA portfolios to take advantage of potential market shifts down the road.
You can listen to the interview here: http://trendfollowingradio.com/ep-806-vitaliy-katsenelson-interview-with-michael-covel-on-trend-following-radio
Disclosure: Read this before you buy your next stock
Smoothies, family traditions, and his father's medicine box: this week's episode is a bit different as Vitaliy reflects on the year that lay ahead of him.
You can read this article online at: https://contrarianedge.com/life-2017-edition/
Humans are tribal. Our tribalism goes back to the age of cavemen. In family, sports, business, and even politics, tribalism makes a degree of sense. But when it comes to investing, tribalism might leave you broke. In this episode, Vitaliy explores the role that tribalism plays in our lives, and how it can often hurt, rather than help, investors.
(If investment strategy is a topic that interests you, you can read about how we do it at IMA in detail here).
You can read this article online at: https://contrarianedge.com/tribalism-in-investing-might-leave-you-broke/
"If you meet the Buddha on the road, kill him" – this old Buddhist saying implies that we need to be able to destroy our most cherished beliefs. We can grow only if we are able to reassess our belief system. Softbank has been a very successful investment for Vitaliy's firm, IMA. He thought he’d own the stock for decades. But a few weeks ago, Vitaliy sold Softbank stock. Why? Vitaliy "met the Buddha on the road, and killed him" -- at least for now.
What Would You Get if You Crossed Warren Buffett, Richard Branson and Steve Jobs? (Updated)
You can read this article online at: https://contrarianedge.com/why-we-sold-softbank/
Disclosure: Read this before you buy your next stock
After writing a 37-page opus on Tesla, Vitaliy is often asked what he thinks of Tesla stock. Although he is a very enthusiastic Model 3 owner, he can equally see both sides of the argument around Tesla as an investment. This makes him neither bullish nor bearish, but someone who can foresee distinctly different paths for Tesla the company and Tesla the stock.
Documentary describing the struggle German ICE manufacturers are facing in the transition to EVs.
Disclosure: Read this before you buy your next stock
After dropping off his son Jonah at the airport for a gap year in Israel between high school and college, Vitaliy reads a letter from Jonah and reflects on what success really means. Since we only get a limited amount of time on Planet Earth, what does true achievement look like? And what is the role of attention in spending time wisely?
You can read this article online at: https://contrarianedge.com/my-single-greatest-achievement/
The past decade has been a smooth one for the market, but the road ahead is uncertain. Listen to Vitaliy explain what kind of portfolio is needed to survive whatever the future has in store for us in the upcoming years.
You can read this article online at: https://contrarianedge.com/rocky-stock-market-requires-terrain-portfolio/
Disclosure: Read this before you buy your next stock
“You look horrible. You have bags under your eyes; your face has no color. Are you okay?” This is what Vitaliy's stepmother told him last week when he stopped by his parents’ house after work. Vitaliy felt worse than he looked. No, dear listener, he did not have a financial crash. Here is what happened.
You can read this article online at: https://contrarianedge.com/my-crash/
What do a degenerate gambler and a stock market investor have in common? Vitaliy discusses this question, using a real estate example.
You can read this article online at: https://contrarianedge.com/how-a-stock-market-turns-investors-into-gamblers/
In this podcast, Vitaliy further explores Tesla, electric vehicles, and the role Elon Musk plays in the company today and tomorrow. Can traditional auto companies disrupt themselves and catch up to Tesla? Is autopilot really viable? And is Elon Musk a fraudster or the next Steve Jobs? Part 2 of 2 of Vitaliy's series on Tesla, Elon Musk, and the EV Revolution.
You can read this article online at: https://contrarianedge.com/signup-for-tesla-article/
You can listen to Part 1 here.
Disclosure: Read this before you buy your next stock
You don't fully know a company until you buy its stock. This recently happened to Vitaliy, except he didn't buy a stock, he bought a car: a Tesla. In this episode, Vitaliy takes the listener under the hood of how electric vehicles represent a tectonic shift in the auto industry, why there will be a stock bubble in charging stations, and more. Part 1 of a two part series on Tesla, Elon Musk and the EV Revolution.
You can read part one at https://contrarianedge.com/tesla-elon-musk-and-the-ev-revolution/
You can listen to Part 2 here.
Disclosure: Read this before you buy your next stock
When a young Vitaliy found out that a relative of his had secretly emigrated from the USSR to the United States, his first reaction was to brand her as a traitor. But years later, Vitaliy came to the US himself and never looked back. In this episode he reflects on this transformation, his immigrant experience, and the opportunities he found in the US.
You can read this article online at: https://contrarianedge.com/the-making-of-capitalistic-pig/
The book that has had the biggest impact on Vitaliy this past year is Mark Manson’s The Subtle Art of Not Giving a F*ck. He loved this book so much he read it twice – that was not enough. Then he listened to it twice on Audible. But to really understand it, he felt he needed to write about it - so he did. Vitaliy's review is the size of five football fields – okay, no, it’s 7,000 words, the length of five articles. Actually it is more than just a review: It has turned into a personal manifesto.
You can read this personal manifesto at: https://contrarianedge.com/my-personal-manifesto/
One of the best wedding gifts Vitaliy received was lunch with his friend, Mark. Vitaliy reflects on the financial advice Mark gave me then and how it could help young people like his son Jonah settle into adulthood with a lot more forward-thinking.
You can read this article online at: https://contrarianedge.com/personal-finance-advice-that-changed-my-life/
Investors love focusing on short-term results, arguing that long-term success is built out of a series of short-term successes. But is that really the best way to invest? And if a company is focused on constantly beating quarterly metrics, is it a good company to invest in? Vitaliy discusses the above questions from a value investing perspective.
You can read this article online at: https://contrarianedge.com/beats-misses-seen-unseen/
Disclosure: Read this before you buy your next stock
Imagine that Intel released a processor that was 100 times faster than anything made previously. An amazing invention on its own, but useless without software developers who could make full use of this new technology. In the 19th century, piano manufacturing rose to a new level – and a young Hungarian virtuoso, Franz Liszt, was the one who took full advantage of the new instrument. Vitaliy tells us how this came about.
You can read this article online at: https://myfavoriteclassical.com/franz-liszt-revolutionized-piano-classical-music/
P.S. See phenomenal lecture by Robert Greenberg's about Franz Liszt
Vitaliy's firm has been invested in SoftBank since 2015, despite the constant criticism of the stock. Why? In this episode, Vitaliy explores the loss of nuance amongst many of today's market analysts that leads to incorrect conclusions about company value that is bound to be corrected, even if it is many years in the future.
You can read this article online at: https://contrarianedge.com/the-subtle-nuances-of-softbank/
For Eric Savitz's take on SoftBank, check out his Barron's article.
Masayoshi Son's bet on exponential growth.
Disclosure: Read this before you buy your next stock
A knee surgeon can't decide to operate only on right knees because he previously had a few mishaps with the left side. But investors can do just that: They can pick their battles and avoid problems they're unlikely to solve correctly. Listen to Vitaliy explain how to take advantage of this ability.
You can read this article online at: https://contrarianedge.com/how-emotional-intelligence-can-make-you-a-better-investor/
Nassim Taleb, author of "The Black Swan," also coined the concept of "the artisan" – the person who has "soul in the game" when it comes to their work. But what does being an artisan mean when it comes to investing? Vitaliy and IMA founder Michael reflect on this question in this recent letter.
You can read this article online at: https://contrarianedge.com/soul-in-the-game/
Judging by how pharmacy and drug-distribution stocks have performed the last several years, you'd think they were on the edge of going out of business. But nothing is further from the truth. Hear Vitaliy explain what makes these stocks a great buy in today's market.
You can read this article online at: https://contrarianedge.com/heres-why-pharmacy-stocks-are-a-bargain-right-now/
Disclosure: Read this before you buy your next stock
As marijuana is becoming legalized in more and more states, many investors have considered investing in what is projected to be a booming industry. But should you invest in marijuana stocks? Here's Vitaliy's take.
You can read this article online at: https://contrarianedge.com/should-you-invest-in-marijuana-stocks/
Disclosure: Read this before you buy your next stock
"Time discovers truth," said Seneca – and he may have been speaking about the market (if by "truth" he meant "accurate valuation"). Listen to Vitaliy explain why.
You can read this article online at: https://contrarianedge.com/investors-discovering-truth-takes-time/
Disclosure: Read this before you buy your next stock
Having the second best hand in poker is dangerous: You're likely to go all in, and you may win, but you also risk losing it all. There's a lot of this going on in the investing world. Listen to Vitaliy explain the problem – and the solution.
You can read this article online at: https://contrarianedge.com/investment-lessons-learned-from-the-poker-table/
Continuously low interest rates can create bubbles – and there's evidence that we're living through a venture capital bubble today. The problem is that when this bubble bursts, it won't just affect companies that are relying on VC funding to stay afloat, it'll affect established companies as well. Listen to Vitaliy explain how.
This article was originally published in Barron's Magazine. You can read it online at https://contrarianedge.com/the-vc-bubble-is-putting-established-companies-at-risk/
What's better: leaving your children with $100M after you pass away, or leaving them with fond memories of your time together? Sparked by an unexpected comment from a millionaire's son, Vitaliy ponders this question.
You can read this article online at: https://contrarianedge.com/being-a-father/
Value investors have underperformed over the past decade and many are starting to succumb to the allure of growth stocks. But is that because value investing is dead? Or is there another, more worrying reason?
You can read this article online at: https://contrarianedge.com/is-value-investing-dead/
What advice would Vitaliy give to a young, aspiring value investor today? The same advice he'd give his younger self as he was just graduating college. Hear Vitaliy say what he wishes he'd heard when he first began his career as an investor.
You can read this article online at: https://contrarianedge.com/letter-to-a-young-investor/
Market forecasting is like weather forecasting: It has a short shelf life and is therefore of little use. But there is a place for macro forecasting in investing. Listen to Vitaliy explain what that place is.
You can read this article online at: https://contrarianedge.com/the-true-value-of-macro-forecasting/
It's the 21st century, but money managers still follow an office culture straight out of Henry Ford's early-1900s assembly line days. Is this hurting how money managers choose stocks? And how could they do better? Listen to Vitaliy discuss these questions.
You can read this article online at: https://contrarianedge.com/money-managers-are-not-factory-workers/
Vitaliy has long considered himself more American than Russian, so why does he feel that it's the Russian composers (like Rachmaninoff and Tchaikovsky) that speak to his soul? Vitaliy explores this question - and Rachmaninoff's Piano Concerto Number 4 in this episode.
You can read this article online at: https://contrarianedge.com/who-am-i-and-my-composers/
Listen to Rachmaninoff's Piano Concerto Number 4 at: https://myfavoriteclassical.com/who-am-i-and-my-composers/
Dale Carnegie's "How to Win Friends and Influence People" was one of the first American capitalist books to be translated in post-Soviet Russia. But it took Vitaliy many years to fully absorb the lessons Carnegie teaches in it. Listen to Vitaliy's key takeaway from the book and how it impacted not just his investing, but also his parenting.
You can read this article online at: https://contrarianedge.com/why-i-no-longer-mind-losing-an-argument/
Is the Berkshire Hathaway Annual Meeting really about Warren Buffett? With another annual meeting coming up, Vitaliy reflects on over a decade of making his pilgrimages to Omaha.
You can read this article online at: https://contrarianedge.com/50-shades-of-warren-buffett/
Is SoftBank setting itself up for failure by investing in WeWork? Despite his apprehension regarding WeWork, Vitaliy isn't worried. Hear his take on it & the reasoning behind his investing firm's decision to hold SoftBank stock.
You can read this article online at https://contrarianedge.com/softbank-will-succeed-even-if-its-wework-investment-doesnt-work-out/
Disclosure: Read this before you buy your next stock
Is value investing simply about buying cheap stocks? A question from a reader prompts Vitaliy's discussion of how value investing evolved from its origins with Ben Graham to its current application under Warren Buffett and why it's not really about buying "cheap stuff".
You can read this article online at https://contrarianedge.com/values-value-investing/
For a Jewish girl, bat mitzvah ranks somewhere alongside getting married and having a firstborn. Vitaliy revisits his Russian Jewish heritage and reflects on celebrating his daughter's important milestone and the speech he gave at her bat mitzvah.
You can read this article online at https://contrarianedge.com/bat-mitzvah-speech/
The market is not your friend. Its up and down swings cause many an emotional investor to buy high and sell low. Listen to Vitaliy explain how you can avoid irrational investing and what rational investing should look like.
This article was originally published in Fortune Magazine. You can read it online at: https://contrarianedge.com/stock-investors-you-have-nothing-to-fear-but-fear-itself/
To learn more about the value investing principles that lie at the core of Vitaliy's articles on investing, check out the first episode of this podcast, The 6 Commandments of Value Investing.
Vitaliy's investment firm, IMA, uses these value investing principles to create low-risk, long-term oriented portfolios. To learn more about their investment process and one-of-a-kind client experience, visit imausa.com.
Every time the stock market takes a turn, all sorts of “experts” make all sorts of predictions about what’ll happen next. But who’s right? Can we even tell? Listen to Vitaliy’s value-investor take on this (hint: he doesn’t think much of any predictions).
You can read this article online at: https://contrarianedge.com/will-stock-market-next/
To learn more about the value investing principles that lie at the core of Vitaliy's articles on investing, check out the first episode of this podcast, The 6 Commandments of Value Investing.
Vitaliy's investment firm, IMA, uses these value investing principles to create low-risk, long-term oriented portfolios. To learn more about their investment process and one-of-a-kind client experience, visit imausa.com.
A lot of fanfare surrounds corporate mergers. There's talk of profits driven by "synergies". So why do they keep failing? Vitaliy uncovers the dark side of mergers that's often missing from the ecstatic promises made by corporate press releases.
You can read this article online at https://contrarianedge.com/the-real-secret-about-why-corporate-mergers-fail/
To learn more about the value investing principles that lie at the core of Vitaliy's articles on investing, check out the first episode of this podcast, The 6 Commandments of Value Investing.
Vitaliy's investment firm, IMA, uses these value investing principles to create low-risk, long-term oriented portfolios. To learn more about their investment process and one-of-a-kind client experience, visit imausa.com.
Dividend-paying stocks are the holy grail in today’s markets. So many companies end up endangering themselves by pumping out dividends to attract investors. Hear Vitaliy explain what factors investors should be analyzing instead.
This article was originally published in Fortune Magazine. You can read it online at https://contrarianedge.com/mature-company-stocks-are-not-bonds/
To learn more about the value investing principles that lie at the core of Vitaliy's articles on investing, check out the first episode of this podcast, The 6 Commandments of Value Investing.
Vitaliy's investment firm, IMA, uses these value investing principles to create low-risk, long-term oriented portfolios. To learn more about their investment process and one-of-a-kind client experience, visit imausa.com.
Disclosure: Read this before you buy your next stock
What is value investing? Vitaliy digests the concept into 6 simple principles – the same principles that helped Warren Buffett & Charlie Munger get to where they are today.
Want to read this episode instead of listening? Just head to SixCommandments.com to have "The 6 Commandments" sent to your email.
Vitaliy's investment firm, IMA, uses these six commandments to create low-risk, long-term oriented portfolios. To learn more about their investment process and one-of-a-kind client experience, visit imausa.com.
Disclosure: Read this before you buy your next stock